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Hyatt Hotels Corp (NYSE:H) is reportedly close to finalizing a deal to acquire boutique hotel operator Standard International, continuing its trend of expanding luxury properties in popular leisure destinations.
Negotiations between Hyatt and Standard, which manages properties in London, Ibiza, the Maldives, and Melbourne, are in the advanced stages, reported Bloomberg, citing sources familiar with the matter.
Although no transaction has been completed yet, and the deal could still not take place.
A spokesperson for Hyatt said the hospitality major remains committed to “asset-light growth through both organic expansion and strategic acquisitions.”
Under the leadership of CEO Mark Hoplamazian, Hyatt has been proactive in acquiring brands such as Alila, Thompson Hotels, and the all-inclusive portfolio of Apple Leisure Group.
These acquisitions have facilitated Hyatt's transition to a business model focused on licensing brands to third-party investors while enhancing its portfolio with high-end hotels that appeal to loyalty program members.
Standard International, initially developed by Andre Balazs, is renowned for its vibrant nightlife offerings at locations like the hotel straddling New York's High Line, the report highlighted.
This acquisition would further strengthen Hyatt's presence in the boutique hotel segment, adding to its collection of luxury properties.
In May, the company reported first-quarter FY24 sales growth of 2% year-on-year to $1.714 billion, beating the analyst consensus estimate of $1.707 billion.
Hyatt stock has gained more than 29% in the last 12 months. Investors can gain exposure to the stock via Invesco Leisure And Entertainment ETF (NYSE:PEJ) and Invesco S&P MidCap 400 Pure Growth ETF (NYSE:RFG).
Price Action: H shares closed lower by 3.13% at $157.15 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
