Tourexpi
Hyatt
Hotels Corporation (NYSE: H) today announced the completed acquisition of the
brands and most of the affiliates of pioneering lifestyle hospitality
company Standard International,
parent company of The Standard and Bunkhouse Hotels brands. 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.
Image
Credit: © Hyatt Hotels Corporation
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