Hyatt Hotels has announced plans to acquire Standard International, parent company of the Standard and Bunkhouse Hotels brands, to create a new lifestyle hospitality group.

Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio.

The deal initially covers 21 open hotels with approximately 2,000 rooms, including The Standard, London (pictured), The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and boutique properties like Hotel Saint Cecilia in Austin, Texas and Hotel San Cristóbal in Baja California, Mexico.

Hyatt said the planned acquisition will continue its evolution to a “brand- and experience-driven company”.

As part of the transaction, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Standard International’s executive chairman Amar Lalvani, who will take on the role of president & creative director of the lifestyle group.

Lalvani led the global development of W Hotels and then in 2010 partnered with André Balazs on The Standard brand. In 2013, Lalvani formed Standard International and acquired The Standard brand from Balazs and followed that with an acquisition of a majority stake in The Bunkhouse Group.

“We waited a long time to find the right company with whom to join forces,” said Lalvani. “In choosing Hyatt, we tap into a powerful global infrastructure and loyal guest base. I am very proud that our team has delivered on the potential we saw with The Standard and Bunkhouse Hotels and am honoured that Hyatt appreciates how special our brands, properties, and – most importantly – our people are. We have a shared vision for the enormous potential that still lies ahead.”

In addition to The Standard and Bunkhouse Hotels brands, Standard International’s brand portfolio includes Peri Hotels and its two newest additions, The StandardX, which launched this month in Melbourne, Australia, and The Manner, which launches next month in Soho, New York in time for New York Fashion Week.

The acquisition includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months: The Standard, Pattaya Na Jomtien, The StandardX, Bangkok Phra Arthit, as well as Bunkhouse Hotels Saint Augustine and Hotel Daphne.

Beyond its hotel brands, the portfolio includes restaurant and nightlife concepts including The Boom Boom Room, The Standard Grill, The Standard Biergarten, Café Standard, Lido Bayside Grill, Jo’s Coffee as well as iconic rooftop venues including Le Bain, Decimo, Sweeties, UP, Ojo and Sky Beach.