Hyatt Hotels Corp. is nearing the purchase of boutique hotel company Standard International.

Private talks between the two companies are "in advanced stages," Bloomberg reported, citing people with knowledge of the matter. However, one of the sources also noted that the deal was not finalized and could still fall through.

Hyatt declined to comment on the talks but, through a spokesperson, told Bisnow the company remains "committed to asset-light growth through both organic growth and strategic acquisitions." A spokesperson for Standard declined to comment.

Standard International operates trendy hospitality properties in London, Ibiza, the Maldives, New York and Miami, with upcoming openings in Melbourne, Singapore and Brussels.

Hyatt's acquisition of Standard would follow a trend of purchases over the last few years that has allowed Hyatt to add to its roster of properties in areas synonymous with leisure travel.

Hyatt bought the Apple Leisure Group in 2021, adding to its portfolio 33,000 rooms mostly in all-inclusive Mexican, Caribbean and European resorts. In 2022 Hyatt bought the Dream Hotel Group, which added 12 "lifestyle" hotels to Hyatt's roster.

These types of deals have helped Hyatt in its effort to transition to a business model focused on licensing brands to outside investors, Bloomberg reported. A wider stock of desirable destination hotel rooms also helps the company attract loyalty members, according to Bloomberg.

Hyatt said in June that its pipeline has grown by almost 85% since 2017 and is now up to 129,000 rooms. Since 2017 its stock of luxury rooms has doubled, resort rooms have tripled and lifestyle rooms have increased four-fold, it said in a release.