Hyatt Hotels Corporation ( H ) disclosed plans to acquire Standard International for a base purchase price of $150 million, with up to an additional $185 million as more properties join the portfolio.

The acquisition includes over 30 projects with signed agreements or letters of intent, including new properties set to open in the next 12 months, such as The Standard, Pattaya Na Jomtien, The StandardX, Bangkok Phra Arthit, and Bunkhouse Hotels Saint Augustine and Hotel Daphne.

Stabilized fees from the base purchase are expected to be around $17 million, with potential additional fees of up to $30 million if the contingent purchase price is fully paid.

The transaction, expected to close later this year, is subject to customary closing conditions.

This move strengthens Hyatt’s position in the lifestyle segment. With this deal, Hyatt plans to create a new lifestyle group headquartered in New York City, led by Standard International’s Executive Chairman Amar Lalvani.

The asset-light portfolio includes management, franchise, and license contracts for 21 hotels with about 2,000 rooms, such as The Standard, London, The Standard, High Line in New York City, and The Standard, Bangkok Mahanakhon.

After closing, Hyatt plans to integrate these hotels into the World of Hyatt, extending this lifestyle portfolio to its 48 million loyalty members.

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

Last week, Hyatt Hotels ( H ) completed the sale of the 1,641-room Hyatt Regency Orlando and 45 acres to RIDA Development and Ares Management for $1.07 billion.

This month, Hyatt Hotels ( H ) reported second-quarter 2024 sales of $1.703 billion, missing the consensus estimate, and adjusted EPS of $1.53, surpassing the analyst consensus of $1.17.

Investors can gain exposure to the stock via Capitol Series Trust The Nightview Fund NITE , and Tema ETF Trust Tema Luxury ETF .

Read: Hyatt Hotels Analysts Cut Their Forecasts Following Q2 Results

Price Action: H shares are trading lower by 0.74% at $142.00 premarket at the last check Wednesday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.