The Standard Singapore (Source: Hyatt)Hyatt Completes Acquisition of Standard International
Hyatt Hotels announced this week that it has completed the acquisition of the brands and most of the affiliates of hospitality company Standard International. Standard International is the parent company of The Standard and Bunkhouse Hotels brands.
The 100% asset-light portfolio includes management, franchise and license contracts for 22 open hotels with approximately 2,000 rooms. That includes popular properties such as The Standard, London, The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and The Manner in SoHo, which made its highly anticipated debut last month with some of New York Fashion Week’s most coveted afterparties.
New properties slated to open later this year include The Standard, Singapore, Bunkhouse’s Hotel Saint Augustine in Houston, and The StandardX, and Bangkok Phra Arthit.
The acquisition also includes a robust residential business with Standard Residences under development in Miami, Lisbon, Phuket, Hua Hin, Mexico City and Tulum as well as completed Bunkhouse Residences at Hotel Saint Cecilia in Austin, TX.
On top of that, there are more than 30 future projects with a signed agreement or letter of intent, along with new projects sparked by the August announcement of the planned acquisition.
“The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. “Developers love this combination as much as we do.”
In the coming months, Hyatt will debut its new dedicated Lifestyle group that will be headquartered in New York City with additional offices in Austin and Bangkok.
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