09:51 AM EDT, 07/18/2024 (MT Newswires) -- (Updates to add recent stock move in the headline and first paragraph, and Standard International's comment in the fifth paragraph.)

Hyatt Hotels ( H ) shares edged down in recent Thursday trading after gaining premarket on a Bloomberg report late Wednesday, citing people with knowledge of the matter, that the hospitality company is close to acquiring boutique hotel operator Standard International.

Standard International owns hotels under the brands The Standard, Bunkhouse Group and The Peri Hotel, according to the company's website.

The talks are in an advanced stage but may still fail, one source reportedly told Bloomberg.

A Hyatt spokesperson declined to comment, saying, "We remain committed to asset-light growth through both organic growth and strategic acquisitions but have nothing new to share at this time."

Standard also turned down a request for comment and said, "We routinely evaluate potential partnerships that could expand our footprint and provide new opportunities for our teams."

Price: 157.02, Change: -0.14, Percent Change: -0.09