Hyatt to acquire Standard International for US$150 million

HYATT HAS ANNOUNCED plans to acquire Standard International, the parent company of The Standard and Bunkhouse Hotels lifestyle brands. The US$150 million acquisition is set to complete later this year and will add Standard International's 21 open hotels to Hyatt's collection, with a further US$185 million payable as additional properties enter the portfolio. The transaction will see Hyatt create a new “dedicated lifestyle group”, headquartered in New York City and led by Amar Lalvani, Standard International's executive chairman. Existing properties under The Standard brand can be found in locations such as London, New York, Miami, The Maldives, Hua Hin, Ibiza and Bangkok, while the group recently launched The StandardX in Melbourne. The company also has more than 30 properties under development, including The Standard hotels in Singapore, Pattaya, Mexico, Brussels, Dublin and Lisbon, plus…