Hyatt Hotels To Acquire Standard International And Its Iconic Hotel Brands

(RTTNews) - Hyatt Hotels Corp. (H) said it agreed to acquire Standard International and its Iconic Hotel Brands, The Standard and Bunkhouse Hotels.

Upon closing, 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. Stabilized fees associated with the base purchase price are anticipated to be approximately $17 million and, to the extent the contingent purchase price is paid, additional stabilized fees are anticipated to be up to approximately $30 million.

The transaction is anticipated to close later this year, subject to customary closing conditions.

Hyatt will form a new lifestyle group that will be headquartered in New York City. Led by Standard International's Executive Chairman Amar Lalvani, the lifestyle group will leverage Hyatt's best-in-class operational and loyalty infrastructure, the company said.

Upon closing, Lalvani will take on the role of President & Creative Director of the lifestyle group.