Hyatt has acquired wellness resort and spa company Miraval Group from an affiliate of KSL Capital Partners.
Along with acquiring the flagship Miraval Arizona Resort & Spa, Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin and pursue the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort in Lenox, Massachusetts. The transaction also includes the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, California last year.
“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,” says Mark Hoplamazian, president and CEO of Hyatt Hotels Corporation. “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.”
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 resort, and the acquisition and redevelopment of the Lenox resort.
