05:10 PM EDT, 08/20/2024 (MT Newswires) -- Hyatt Hotels ( H ) said Tuesday it is acquiring the brands and most of the affiliates of Standard International, the parent company of The Standard and Bunkhouse Hotels brands for $150 million.

The transaction is anticipated to close later this year.

With the deal, Hyatt said it will form a new "dedicated lifestyle group" based in New York and led by Standard International's Executive Chairman Amar Lalvani.

Hyatt said it will pay up to an additional $185 million over time as other properties enter the portfolio.

Shares of Hyatt fell 1.4% in recent after-hours activity.

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