Hyatt Hotels buys the Miraval Group
Hyatt Hotels Corporation is making a multimillion-dollar commitment to wellness with the newly announced purchase of New York-based Miraval Group, which specialises in wellness resorts and spas.
The deal includes the flagship Miraval Arizona Resort & Spa in Tucson, the recently acquired 220-acre Travaasa Resort in Austin, Texas, and the Miraval Life in Balance Spa brand, which has a property in Dana Point, California.
In an interview prior to the deal’s announcement, Hyatt President and CEO Mark Hoplamazian described the purchase, which has an “initial investment” price of $215 million, as a chance to expand on Hyatt’s core focus of caring for people, even between hotel stays.
“As we engaged more with guests, key areas of want and need kept popping up, and wellness was prominent among them,” Hoplamazian said from the Miraval Arizona. “And (wellness) is more and more on the minds of C-suite executives thinking about productivity and effectiveness in meetings and in life. So what we ID’d with the Miraval opportunity was an opportunity to accelerate how we care for those customers and guests. … And we can do that in a very different way then how hotel companies have approached it in the past.”
The Miraval Group was purchased from Colorado-based private equity firm KSL Capital Partners, which recently has been on the other side of mergers-and-acquisitions activity with purchases of Apple Leisure Group and Outrigger Hotels & Resorts.