Standard International is to ramp up its ambitious global growth plans after one of its biggest shareholders increased its investment in the company.
The parent company of US hotel brand The Standard has set its sights on an expansion pipeline of increasing its footprint to 25 open hotels within the next five years, as Thailand’s leading real estate developer, Sansiri PLC increases its shareholding in Standard International Holdings from 37% to 59%.
Sansiri first acquired shares in its business in 2017 and with its confidence in the firm bolstered by the opening of The Standard, London in July.
The launch marked the brand’s first property to open outside of the US and will be complemented by the launch of the debut hotel in the Maldives later this year.
Standard Hotels will then plan to open four in Thailand – Koh Samui, Phuket, Pattaya and Hua Hin, as well as locations in Milan, Paris, Lisbon, Bordeaux, Mexico City, Jakarta, Melbourne and Chicago.
Mr. Amar Lalvani, CEO of Standard International, said: “We are proud that Standard International is now truly international with the launch of our first hotels in Europe and Asia. With the support and investment from Sansiri PLC, we are well positioned to capitalise on the rapidly growing overseas markets and are on pace to have 25 hotels open over the next five years. The Standard brand is perfectly positioned as consumer preferences shift globally toward spending disposable income on experiences versus goods. Approximately 60% of global millennials are in Asia.
“With those trends in mind, we have strategically situated ourselves to have over 90% of our global pipeline outside of the U.S. with approximately two-thirds of that in Asia.
“Most boutique hotel brands get stuck, no matter how good their product is, given their inability to build the necessary global infrastructure to scale. Standard International has successfully put the pieces in place since the investment from Sansiri and now sits at the ideal inflection point from which to grow. We have a celebrated and proven brand, strong investor base, global infrastructure, and a robust secured pipeline,” Lalvani added.
Created in 1999, The Standard hotels currently comprises seven hotels in New York, Los Angeles, Miami, London, the Maldives and more in its global pipeline.