Miraval Group acquired by Hyatt Hotels
Hyatt Hotels has purchased renowned wellness operator the Miraval Group, it has been announced.
Hyatt’s acquisition of the Miraval Group from an affiliate of KSL Capital Partners includes the flagship Miraval property in Tucson, Arizona.
It will also see Hyatt continue with the acquisition and redevelopment of Miraval Lenox in Massachusetts, as well as the recently announced redevelopment of the Travaasa Resort in Austin, Texas.
The deal additionally includes the Miraval Life in Balance Spa brand, which opened its first venue in Monarch Beach Resort in California in April 2016.
Mark Hoplamazian, president and chief executive of Hyatt Hotels said: “We know that wellness is an area that is becoming increasingly important to our guests and we share Miraval’s belief that wellness is more than fitness and nutrition – it’s a lifestyle.
Adding Miraval to the Hyatt family creates a great opportunity to advance the Miraval brand expansion while building a greater depth of expertise in wellness and mindfulness.”
Hyatt’s acquisition of Miraval comes with an initial US$215 million investment into the brand and the resorts in Tucson and Austin.
The brand predicts a further investment of around US$160 m into the Miraval portfolio over the next two-to-three years, to fund the Austin and Lenox redevelopments and the expansion of the Tucson resort.
Miraval will form a separate wellness category within the Hyatt portfolio, spearheaded by Steven Rudnitsky, president and chief executive of Miraval Group, who will report to Hoplamazian.
Hoplamazian said: “The acquisition extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt’s global growth strategy.
We recognise the business opportunity within the $420 billion wellness-tourism category and understand the rising demand for wellness offerings among our targeted high-end travellers.”