Hyatt Hotels Corporation Acquires Standard International

Hyatt Hotels Corporation announced it will acquire the brands and most affiliates of Standard International, the parent company of The Standard and Bunkhouse Hotels, forming a new dedicated lifestyle group headquartered in New York City. The asset-light transaction covers management, franchise and license contracts for 21 open hotels (about 2,000 rooms) and includes a $150 million base purchase price with up to $185 million of contingent consideration.