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PRODUCT NEWS
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| Breaking: Hyatt acquires Miraval |
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| 18 Jan 2017 . BY Jane Kitchen |
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| Steven Rudnitsky, president and CEO of Miraval Group, will continue to drive the brand’s strategy |
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This transaction will unlock Miraval’s full potential by joining us with one of the foremost global hospitality companies fully committed to wellness
– Steven Rudnitsky, president and CEO of Miraval Group |
In a move that illustrates the explosive growth of wellness tourism, Hyatt Hotels has acquired wellness resort provider Miraval Group for US$215m (€201m, £175m) from an affiliate of KSL Capital Partners.
"Miraval will spearhead a stand-alone wellness category within Hyatt’s portfolio of brands, and as a best-in-class brand in the wellness space, will apply its expertise to Hyatt’s portfolio," Mark Hoplamazian, president and CEO of Hyatt Hotels Corporation told Spa Opportunities.
The deal includes Miraval’s flagship property in Tucson, Arizona, as well as the Miraval Life in Balance Spa brand; Hyatt will also continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, Texas and pursue the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort in Lenox, Massachusetts, with plans to invest a further US$160m (€150m, £130m) over the next two to three years on those projects and an expansion of Miraval Tucson.
“The Miraval acquisition reflects our commitment to super serving the high-end traveller and finding new ways to understand and care for them,” said Hoplamazian. “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.”
Steven Rudnitsky, president and CEO of Miraval Group, will continue to drive the brand’s strategy, reporting to Hoplamazian and working with the existing Miraval leadership team and associates.
“This transaction will unlock Miraval’s full potential by joining us with one of the foremost global hospitality companies fully committed to wellness,” said Rudnitsky.
Rudnitsky had previously said he expected to see up to seven Miraval resorts developed in the next five years; Hoplamazian said he also sees opportunities to continue the brand expansion through additional resorts.
But Hoplamazian said importantly, the acquisition also extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to the company’s global growth strategy.
“We recognise the business opportunity within the US$420bn wellness-tourism category and understand the rising demand for wellness offerings among our targeted high-end travellers,” he said.
Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, Texas / Credit: Miraval
Hyatt Hotels has acquired wellness resort provider Miraval Group for US$215m (€201m, £175m) / Credit: Miraval
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