Hyatt Hotels Corporation Acquires Miraval
Wellness travel has been showing growth and it’s even more evident with today’s news that Chicago-based Hyatt Hotels Corporation has acquired Miraval Group.
Miraval has been one of the leading wellness-focused resorts in the U.S. and their programming has helped guests create a healthier and more balanced life. Miraval recently acquired Travaasa Resort in Austin, Texas and Hyatt will continue redevelopment plans and will also pursue the acquisition and redevelopment of Cranwell Spa & Golf Resort in Lenox, MA. In addition, Hyatt’s acquisition also includes the Miraval Life in Balance Spa brand at the Monarch Beach Resort in Dana Point, CA.
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. Hyatt will fund the investment with current operating cash flows and proceeds from the sale of existing assets, consistent with Hyatt’s asset recycling program.
According to Mark Hoplamazian, president and chief executive officer, 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.”
Miraval will form a distinct new wellness category within the Hyatt portfolio of brands.
Today’s announcement continues Hyatt’s commitment to a holistic health and wellness strategy as an extension of its purpose, to care for people so they can be their best. For example, since 2014, Hyatt chefs around the globe have been championing Food. Thoughtfully Sourced, Carefully Served, a program featuring menus evolved with an eye on sustainable health. This includes options such as grass-fed meats, sustainable seafood and organic fruits and vegetables. Additionally, many Hyatt hotels worldwide are offering more options for travelers to maintain a healthier routine, including healthy refreshments at arrival, curated in-room amenities, increased fitness offerings, expanded menus and nutritious to-go alternatives.
“Our shared purpose makes Hyatt the ideal acquisition partner,” said 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.”
In information received from Miraval, they say the experience will not change and that the specialists, instructors, guides, yogis, therapists and culinary team that guests have come to know and love will continue to guide, challenge, center and nourish guests on their journey.