Hyatt acquires boutique hotel specialist Standard International
Following weeks of speculation, Hyatt has announced its intention to acquire Standard International, the parent company of The Standard and Bunkhouse Hotels brands
The deal is expected to close later this year. Hyatt has agreed to pay a base purchase price of $150 million, plus $185 million over time as more hotels enter the portfolio.
The transaction will initially encompass the management, franchise and licensing contracts for 21 hotels, including The Standard London and The Standard High Line in New York.
As part of the acquisition, Hyatt will establish a lifestyle group that will be headquartered in New York.
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