Hyatt Acquires the Miraval Group
- Jan 20, 2017
Chicago—Hyatt Hotels Corp. announced the acquisition of Miraval Group from an affiliate of KSL Capital Partners LLC. Along with acquiring Miraval Arizona Resort & Spa, located in Tucson, Ariz., Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, Texas, and the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort in Lenox, Mass. The transaction also includes the acquisition of the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, Calif. in 2016.
The acquisition includes an initial investment of $215 million for the Miraval brand and the resorts in Tucson and Austin. Hyatt expects to invest an additional $160 million over the next two to three years to fund the expansion of the Tucson resort, the redevelopment of the Austin one and the acquisition and redevelopment of the Lenox property. Miraval will form a distinct new wellness category within the Hyatt portfolio of brands. Steven Rudnitsky, president & CEO of Miraval Group, will continue to drive the brand’s growth strategy, reporting to Mark Hoplamazian, president & CEO of Hyatt Hotels Corp.
“The Miraval acquisition reflects our commitment to super serving the high-end traveler and finding new ways to understand and care for them,” said Hoplamazian in prepared remarks. “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.”
Image courtesy of Miraval Arizona Resort & Spa