Hyatt Acquires Wellness Resort and Spa Company Miraval Group
Photo Credit: The view from the Miraval Arizona Resort & Spa. Today, Hyatt announced it is purchasing the Miraval Group for a total investment of $375 million. Miraval Group
Skift Take
Purchasing a brand like Miraval to enter into the wellness space is a smart move on Hyatt's part, as wellness becomes an increasingly global desire among all consumers, especially among the high-end travelers Hyatt has in its sights.
When Hyatt CEO Mark Hoplamazian told Skift his company was looking to get into "adjacent spaces" back in December, he wasn't kidding.
Today, Chicago-based Hyatt announced its $375-million acquisition of New York-based Miraval Group, a wellness resort and spa company best known for its destination wellness spa resort, Miraval Arizona Resort & Spa in Tucson, Ariz. Hyatt purchased Miraval from an affiliate of KSL Capital Partners, a private equity firm with a number of hospitality investments, including its own recent acquisition of Apple Leisure Group.
The deal includes an initial investment of $215 million for the Miraval brand and the group's two resorts in Tucson and Austin. Hyatt also plans to invest an additional $160 million over the next three years to expand Miraval's flagship Tucson property, its newly acquired Austin resort (a Travaasa Resort), and the acquisition and redevelopment of the Cranwell Spa & Golf Resort in Lenox, Mass. Both the Austin and Lenox resort
