A partnership between Trinity Investments, funds managed by Oaktree Capital Management, L.P., and Partners Group has acquired The Standard, London. Other terms of the transaction were not disclosed.
The luxury lifestyle hotel opened in 2019 and marked The Standard’s first international hotel. Located at King’s Cross, the hotel is housed within the Brutalist-style Camden Town Hall Annexe building and offers 266 rooms and suites. The hotel also features six dining options, which includes the Decimo restaurant, Double Standard cocktail bar and a rooftop bar with panoramic views.
The hotel has become a cultural icon in one of London’s dynamic neighborhoods, said Ryan Donn, managing partner of Trinity Investments. The hotel has huge potential to build on its strong foundation by collaborating with Standard International, following its incorporation into Hyatt’s brand portfolio and solidify the hotel as a leading luxury lifestyle destination in Europe, Donn added.
In October, Hyatt Hotels Corp. completed the acquisition of the brands and most of the affiliates of Standard International, the parent company of The Standard and Bunkhouse Hotels brands. The 100% asset-light portfolio included the management, franchise and license contracts for 22 open hotels totaling nearly 2,000 rooms. Besides The Standard in London, the portfolio included The Standard, High Line in New York City, The Standard, Bangkok Mahanakhon and The Manner in SoHo. Hyatt’s acquisition also included a residential business with Standard Residences under development in Miami, Lisbon, Phuket, Hua Hin, Mexico City and Tulum; as well as completed Bunkhouse Residences at Hotel Saint Cecilia in Austin, Texas.
Hyatt had announced it will be creating a new dedicated lifestyle group headquartered in New York City, with additional offices in Austin and Bangkok. The new group will be led by Amar Lalvani, president and creative director and former executive chairman of Standard International.
“Set within King’s Cross, this iconic property is located at the doorstep of London’s most exciting dining, shopping and cultural programming. Helmed by Amar Lalvani as part of our new lifestyle group, we’re confident The Standard, London will reach even greater heights,” said Javier Águila, group president, EAME at Hyatt.
This acquisition also strengthens Hyatt’s collaborations with Trinity and Oaktree in Europe, following their recent purchase of Park Hyatt Zurich.
“We strongly believe that distinctive brands drive performance. We are delighted to have the opportunity to acquire such an iconic hotel as we continue to build our focus on global hospitality as a priority investment theme. The speed with which Trinity has been able to establish its presence in Europe is a testament to the quality of their team and further reinforces our conviction in this partnership and the sector,” said Stephen McCall, managing director at Partners Group.
The Standard, London is Partner Group’s third acquisition with Trinity, and also marks the group’s first in Europe since it announced its strategic partnership this April. So far, Trinity has invested more than €550 million in hotels across Europe and the U.K., becoming one of the largest buyers of single asset hotels in Europe this year.
