The company’s brands include The Standard and Bunkhouse hotels.

Hyatt Hotels Corporation has announced the acquisition of the hotel group Standard International.

Standard’s brands include the international chain of The Standard Hotels and the US Bunkhouse hotels. The sale is expected to be finalised later in the year.

Upon closing, Hyatt will pay a base purchase price of US$150 million, with up to an additional US$185 million over time as additional properties enter the portfolio. Stabilised fees associated with the base purchase price are anticipated to be approximately US$17 million and, to the extent the contingent purchase price is paid, additional stabilised fees are anticipated to be up to approximately US$30 million. 

Mark Hoplamazian, president and chief executive officer of  Hyatt said that Standard International had 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”.

“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,” he said.