Hyatt is rumored to be in talks to acquire boutique hospitality group Standard International, according to a Bloomberg report.
Bloomberg said the companies are in "advanced stages" of negotiations, though sources familiar with the matter cautioned that the deal hasn't been finalized and could potentially fall through.
A Hyatt spokesperson declined to comment on the matter, while adding that Hyatt "remains committed to asset-light growth through both organic growth and strategic acquisitions."
Hotelier Andre Balazs introduced The Standard -- Standard International's flagship brand -- in 1999, with the concept quickly attracting attention for its edgy approach to high-end hospitality. The Standard currently has eight hotels in New York, Bangkok, London, Miami Beach, Ibiza, the Maldives and Hua Hin, Thailand.
Standard International's portfolio also includes the Bunkhouse and Peri brands as well as the recently launched StandardX and The Manner.