HYATT TO ACQUIRE STANDARD INTERNATIONAL AND ITS ICONIC HOTEL BRANDS, THE STANDARD AND BUNKHOUSE HOTELS, EXPANDING ITS LEADING POSITION IN LIFESTYLE HOSPITALITY
Formation of new lifestyle group to combine best-in-class lifestyle brand leadership and talent with Hyatt's global distribution network and award-winning World of Hyatt loyalty program. |
|
HYATT TO ACQUIRE STANDARD INTERNATIONAL AND ITS ICONIC HOTEL BRANDS, THE STANDARD AND BUNKHOUSE HOTELS, EXPANDING ITS LEADING POSITION IN LIFESTYLE HOSPITALITY
Formation of new lifestyle group to combine best-in-class lifestyle brand leadership and talent with Hyatt's global distribution network and award-winning World of Hyatt loyalty program. |
Category: Worldwide - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2024-10-03
 Hotel Saint Augustine, Houston
Photo credit © Hyatt Hotels & Resorts
This acquisition enhances Hyatt’s leading position in the industry’s premier lifestyle segment, building on both Hyatt’s organic growth and a series of acquisitions that quintupled the number of lifestyle rooms in Hyatt’s global portfolio between 2017 and 2023.
The 100% asset-light portfolio includes management, franchise and license contracts for 22 open hotels with approximately 2,000 rooms, including 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, Bangkok Phra Arthit, offering the immersive experiences Standard International’s brands are known to deliver.
The acquisition 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.
The acquisition includes 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 and led by President & Creative Director Amar Lalvani, former Executive Chairman of Standard International.
“The lifestyle segment isn’t for the faint of heart, it takes creativity and commitment,” said Lalvani. “But if you get it right, you reap the benefits of outsized guest loyalty and outsized developer returns. The beauty of this combination is that Hyatt respects the creativity and freedom required to deliver the experiences we do, and we respect the value of Hyatt’s storied history, global infrastructure and best-in-class commercial services.”
Complementing its growth in lifestyle, Hyatt’s portfolio continues to grow across all segments. Hyatt boasts the largest collection of luxury all-inclusive resorts globally, and Hyatt’s select service portfolio, which represents 50% of Hyatt’s pipeline as of the second quarter of 2024, is a key driver for bringing Hyatt-branded properties to new markets.
In the coming months, Hyatt intends to announce a new dedicated luxury group with distinct leadership across key functions and services focused on caring for guests and customers at the pinnacle of luxury.
“Our transformation to an asset-light business model has been a resounding success, and now it’s time to evolve our organization to propel us into the future, benefiting our guests, members, customers, owners and shareholders along the way,” said Hoplamazian.
“This is not about prioritizing one segment over another; this is about aligning our internal resources and expertise to care even more deeply for guests, customers and owners across our entire portfolio.”
The growth in Hyatt’s brand footprint has a direct correlation to growth in loyalty members and contribution. Since 2017, the number of properties in Hyatt’s portfolio has grown by 86 percent, the number of World of Hyatt members has tripled, and the level of room night penetration for World of Hyatt members has increased by more than 1,300 basis points
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company’s portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection , including Park Hyatt , Grand Hyatt , Hyatt Regency , Hyatt , Hyatt Vacation Club , Hyatt Place , Hyatt House , Hyatt Studios , and UrCove ; the Boundless Collection , including Miraval , Alila , Andaz , Thompson Hotels , Dream Hotels , Hyatt Centric , and Caption by Hyatt ; the Independent Collection , including The Unbound Collection by Hyatt , Destination by Hyatt , and JdV by Hyatt ; and the Inclusive Collection , including Impression by Secrets , Hyatt Ziva , Hyatt Zilara , Zoëtry Wellness & Spa Resorts , Secrets Resorts & Spas , Breathless Resorts & Spas , Dreams Resorts & Spas , Hyatt Vivid Hotels & Resorts , Alua Hotels & Resorts , and Sunscape Resorts & Spas . Subsidiaries of the Company operate the World of Hyatt loyalty program, ALG Vacations, Mr & Mrs Smith, Unlimited Vacation Club, Amstar DMC destination management services, and Trisept Solutions technology services.
 The Standard, Singapore (Rendering)
Photo credit © Hyatt Hotels & Resorts
 The Manner, SoHo in New York
Photo credit © Hyatt Hotels & Resorts
|
|
