Hyatt to Buy Standard International's Brands
Photo Credit: The Standard Hotel, of vintage art deco architecture, is a popular spa hotel located on Belle Isle. Adobe Stock / Fotoluminate-LLC
Skift Take
Hyatt Hotels announced plans to acquire Standard International's brands and affiliates, creating a new lifestyle group led by Amar Lalvani, with a $150 million base purchase and potential additional payments.
The DJIA fell 62 points while Nasdaq was down 60 and the S&P 500 fell 11 points. The 10-year treasury yield was down another .05 to 3.82%. Lodging stocks were mostly lower. The only mover of note was to the upside as AHTrose 5% on the day.
Stifel upped their price target on Hyatt Hotels to $151 from $141. They maintained their Hold rating.
UBS cut their price target on Park Hotels to $14 from $18. They maintained their Neutral rating on the stock.
Right at the close of trading today, Hyatt Hotels confirmed the rumors were true. They announced the planned acquisition of the brands and most of Standard International's affiliates. With that, Hyatt gets the Standard and Bunkhouse Hotels brands. Hyatt said they would form a new dedicated lifestyle group that will be headquartered in New York City and led by Standard's Executive Chairman Amar Lalvani as
