Hyatt Hotels Corp. is reportedly close to finalizing a deal to acquire boutique hotel operator Standard International. 

Negotiations between Hyatt and Standard International are in advanced stages, according to sources familiar with the matter. Standard International, known for its chic and upscale properties in locations such as London, Ibiza, the Maldives, and Melbourne, would bring a new dimension to Hyatt’s offerings. However, it's important to note that no transaction has been finalized, and the deal could still fall through.

A Hyatt spokesperson declined to comment on the specifics but reiterated the company's commitment to "asset-light growth through both organic growth and strategic acquisitions." Standard International also did not provide immediate comments on the ongoing discussions.

Hyatt, under the leadership of CEO Mark Hoplamazian, has been actively acquiring brands in recent years. The company has added Alila, Thompson Hotels, and Apple Leisure Group to its portfolio. These acquisitions have helped Hyatt transition to a model focused on licensing brands to third-party investors, enriching its system with high-end properties that attract loyal customers.

The Standard brand, originally developed by hotelier Andre Balazs, is renowned for its vibrant nightlife and trendy appeal, particularly in cities like New York, where it operates a notable property on the High Line.

Hyatt's interest in Standard International follows a broader strategy to compete with industry giants like Marriott and Hilton by acquiring niche brands. This potential deal could further enhance Hyatt's luxury and lifestyle offerings. The acquisition would include high-profile properties like Mont Rochelle in South Africa, The Lodge in Switzerland, and Mahali Mzuri in Kenya, among others.

James Bermingham, CEO of Virgin Hotels Collection, which also has a strategic partnership with Hyatt, emphasized the alignment of this acquisition with Hyatt's growth strategy. "We are excited to introduce our unique Virgin Limited Edition retreats into Preferred Hotels & Resorts’ prestigious Legend Collection, further strengthening our successful partnership," Bermingham said.

If the deal goes through, all Standard International properties will benefit from Hyatt's extensive expertise in leisure, corporate, and group sales travel sectors. They will also participate in the I Prefer Hotel Rewards program, which boasts over five million travelers enrolled. This program helps attract repeat guests by offering points redeemable for various benefits, including cash-value Reward Certificates and Titanium status.