Hyatt to buy growing lifestyle hotel giant Standard International for as much as $335 million
The luxury and lifestyle hotel sector continues to be the bread and butter for Hyatt.
On Tuesday, the Chicago-based hotel giant announced plans to acquire New York City-based Standard International and most of its affiliates for a base price of $150 million. Standard International's acquired portfolio, which includes The Standard and Bunkhouse Hotels brands, encompasses 21 open hotels.
More than 30 properties are in various stages of development, and Hyatt’s takeover could cost an additional $185 million as more of these hotels open. Standard’s orbit also includes the new StandardX brand and The Manner, an upcoming luxury hotel in New York City’s SoHo neighborhood.
On the loyalty front, all Standard International properties included in the deal will be integrated into the World of Hyatt network.
“The team behind Standard International has created a unique and award-winning portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among the most discerning lifestyle guests for the past 25 years,” Hyatt CEO Mark Hoplamazian said in a statement. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty. We are thrilled to welcome Standard International’s properties and team to the Hyatt family with the newly created lifestyle group and draw on their brilliance, creativity, culture and innovation.”
Rumors of the potential acquisition emerged late last month. Some of Standard’s best-known properties include The Standard, High Line, in New York City and The Standard, Bangkok Mahanakhon. The Standard takeover gives Hyatt’s robust lifestyle hotel push a significant shot in the arm, as Hyatt’s current lifestyle brand lineup includes Dream Hotels, Thompson Hotels, Andaz and Alila. Hyatt’s lifestyle hotel room count already quintupled between 2017 and 2023, and the company acquired the Mr & Mrs Smith luxury and lifestyle hotel booking platform last year.
The Standard takeover is expected to close later this year, and the plan is to create a dedicated lifestyle group based in New York City. Amar Lalvani, executive chairman of Standard International, will be the new head of Hyatt’s lifestyle division — a similar structure to how Hilton made Kevin Osterhaus, the president of Graduate Hotels, its president of global lifestyle brands following the Graduate acquisition.
“We waited a long time to find the right company with whom to join forces,” Lalvani said in the statement. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. I am very proud that our team has delivered on the potential we saw with The Standard and Bunkhouse Hotels and am honored that Hyatt appreciates how special our brands, properties, and — most importantly — our people are. We have a shared vision for the enormous potential that still lies ahead.”
This structure signals big hotel conglomerates like Hyatt appear to recognize the best approach to navigating the lifestyle hotel scene is by leaving creative forces largely intact. Brands like Marriott’s W seemed to stumble once they strayed far from the original design and creative teams, and recent big brand acquisitions signal an industry push to avoid similar mishaps.
For example, Accor’s Ennismore acquisition largely keeps brand leaders in charge of operating their offerings, such as Gleneagles, Delano and SLS. Hyatt’s announcement Tuesday afternoon indicates the new lifestyle group will be made up of “the talented Standard International team as well as Hyatt colleagues.”
However, the announcement didn't mention Amber Asher, the current CEO of Standard International — raising eyebrows that this might signal her departure from the company. Asher and Standard are among the few examples in the hotel industry of a woman holding the top job at a hotel brand.
"After 13 years with the company, including the last three years as CEO driving its growth, Amber Asher has decided to pursue new opportunities after staying on for a transitional period to support the team and ensure a smooth transition," a Standard International spokesperson told TPG following initial publication of this story.
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There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.