Skift Take
The Standard is part of a category of hotels that Hyatt and all major groups covet. Hyatt's CEO has previously said adding luxury and lifestyle brands can create a “network effect,” driving loyalty program growth and engagement.
Hyatt Hotels said Tuesday it planned to buy the brands of Standard International, owner of 21 open hotels across five hospitality brands, including the luxury lifestyle brand The Standard.
Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. Standard International has more than 30 projects with a signed agreement or letter of intent.
The companies expect the deal to close later this year, subject to approvals.
Hyatt confirmed that it will acqui