Hyatt Hotels Acquires Miraval Group

Hyatt Hotels Corporation announced today that it has acquired wellness resort and spa company Miraval Group. For more than 20 years, Miraval’s flagship property in Tucson, AZ, has been considered one of the nation’s top wellness resorts. Along with acquiring the flagship Miraval Resort, Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, TX, and pursue the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort (Lenox, MA). The transaction also includes the acquisition of the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, CA, last year. “The Miraval acquisition reflects our commitment to serving the high-end traveler and finding new ways to understand and care for them,” says Mark Hoplamazian, president and CEO of Hyatt Hotels Corporation. “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.”

This acquisition includes an initial investment of $215 million for the Miraval brand and the resorts in Austin and Tucson. Hyatt also expects to invest an additional $160 million during the next two to three years to fund the expansion of the Tucson resort, the redevelopment of the Austin resort, and the acquisition and redevelopment of the Lenox resort. “Importantly, the acquisition also extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt’s global growth strategy,” says Hoplamazian. “We recognize the business opportunity within the $420 billion wellness-tourism category and understand the rising demand for wellness offerings among our targeted high-end travelers.”

Miraval will also form a distinct new wellness category within the Hyatt portfolio of brands. With this acquisition, Steven Rudnitsky, president and CEO of Miraval Group, will continue to drive the brand’s growth strategy and will report to Hoplamazian and work with the existing Miraval leadership team and associates. “Our shared purpose makes Hyatt the ideal acquisition partner,” says Rudnitsky. “This transaction will unlock Miraval’s full potential by joining us with one of the foremost global hospitality companies fully committed to wellness. Consistent with Hyatt’s strategy, Miraval offers destinations for guests who take an active role in seeking inspiration and self-improvement for a life in balance.”

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