Hyatt Hotels Corporation announced it has acquired Standard International, a lifestyle hotel operator. The deal is expected to close later this year. Hyatt has agreed to pay a base purchase price of $150 million, plus $185 million over time as more hotels enter the portfolio.

With this transaction, according to the announcement, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York. Led by Amar Lalvani, Standard International’s executive chairman, the group will leverage Hyatt’s operational and loyalty infrastructure while assuming distinct leadership across key functions including experience creation, design, marketing, programming, public relations, restaurants, nightlife and entertainment.

The acquired portfolio will be 100% asset-light and includes management, franchise and license contracts for 21 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin; and Hotel San Cristóbal in Baja California, Mexico. Following the closing of the transaction, Hyatt plans to integrate these hotels into World of Hyatt, bringing this portfolio to the program’s 48 million loyalty members.

Mark Hoplamazian, CEO of Hyatt, said the team behind Standard International “has created a unique and award-winning portfolio of brands and properties that turn the status quo on its head and have attracted a loyal following among the most discerning lifestyle guests for the past 25 years.

“These properties,” said Hoplamazian, “truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.”

“We waited a long time to find the right company with whom to join forces,” said Lalvani. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base.”

In addition to The Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and its two newest additions, The StandardX, which launched this month in Melbourne, Australia; and The Manner, which launches next month in the SoHo neighborhood of Manhattan. Beyond its hotel brands, the portfolio includes multiple restaurant and nightlife concepts.

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