Hotel giant Hyatt has acquired the lifestyle hospitality company Standard International, with plans to expand its presence in the lifestyle and luxury hotel market. Under the deal, Hyatt will gain ownership of Standard’s five hotels, including locations in Los Angeles, Miami, and London.
The acquisition marks a strategic move by Hyatt to tap into the growing demand for unique and experiential travel offerings. Standard International is known for its trendy, design-focused properties that cater to a younger, hipper clientele. By adding the Standard’s hotels to its portfolio, Hyatt aims to attract a new generation of travelers seeking more than just a place to sleep.
This acquisition also aligns with Hyatt’s broader expansion strategy, which focuses on enhancing its presence in key global markets and diversifying its offerings to cater to different types of travelers. The company has been actively pursuing growth opportunities in the lifestyle and luxury segments, as these types of properties tend to have higher profit margins and appeal to a wider range of clientele.
Hyatt’s CEO, Mark Hoplamazian, expressed excitement about the acquisition and highlighted the potential for collaboration between the two companies. He stated that the Standard’s unique approach to hospitality aligns with Hyatt’s commitment to creating memorable experiences for guests.
As part of the deal, Standard International’s CEO, Amar Lalvani, will join Hyatt as the head of the company’s lifestyle and luxury division. This move signals Hyatt’s commitment to maintaining the Standard’s distinct brand identity and integrating its properties seamlessly into the Hyatt portfolio.
Overall, the acquisition of Standard International represents a strategic move by Hyatt to capitalize on the growing demand for lifestyle and luxury accommodations. With plans to expand its lifestyle and luxury groups, Hyatt aims to solidify its position as a leader in the competitive hospitality industry.
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