08:57 AM EDT, 07/18/2024 (MT Newswires) -- (Updates to add Hyatt Hotels' ( H ) comment in the fourth paragraph.)

Hyatt Hotels ( H ) shares were up nearly 5% in recent Thursday premarket activity after Bloomberg reported 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 did not immediately respond to a request for comment from MT Newswires.

Price: 157.00, Change: -0.15, Percent Change: -0.10