Hyatt Hotels Corporation (H) has announced its agreement to acquire Standard International and its renowned hotel brands, The Standard and Bunkhouse Hotels.
Upon the deal's closure, Hyatt will pay an initial purchase price of $150 million, with the potential for an additional $185 million as more properties are included in the portfolio. The expected stabilized fees associated with the base purchase are around $17 million, and should the contingent price be fully realized, additional stabilized fees could reach up to approximately $30 million.
The transaction is expected to be finalized later this year, pending customary closing conditions.
Hyatt is set to establish a new lifestyle group headquartered in New York City. This group will be led by Standard International's Executive Chairman, Amar Lalvani, capitalizing on Hyatt's superior operational and loyalty systems.
Following the closure, Lalvani will assume the role of President & Creative Director of the lifestyle group.
