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.”
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.
