By The Nation
He added that the companies are aligned on an ambitious plan to grow the Standard footprint to 25 hotels in the next five years. The plan is to open four in Thailand, namely Koh Samui, Phuket, Pattaya and Hua Hin, as well as one each in Milan, Paris, Lisbon, Bordeaux, Mexico City, Jakarta, Melbourne and Chicago.
Sansiri first invested in Standard International in November 2017, and since then, it is taken part in developing a growth plan that capitalises on global travel and lifestyle trends, Wanchak said.
The global hotel market is expected to double its growth rate with hotel revenues estimated to growth 7.8 per cent annually over the next five years. The lifestyle and boutique hotel segment, where The Standard is positioned, is the fastest growing segment in the industry. As such, Sansiri is confident in and has, in principle, approved Sansiri Inc’s acquisition of a 21.76 per cent stake in Standard International Holdings for an investment of US$40.45 million (Bt1.24 billion).
Amar Lalvani, CEO of Standard International, said The Standard was much more than just a hotel brand, because it also offers guests authentic experiences in design, art, music, fashion, food and nightlife, which differentiates it from other brands. He said the Standard blends its cultural DNA with the local community’s culture and lifestyle in each property it opens.
“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.
Wherever it is located, The Standard transforms local neighbourhoods, creates jobs and grows micro-economies by becoming a cultural and social anchor of the communities.