Chicago-based Hyatt Hotels Corporation has acquired the Miraval Group, a wellness resort and spa company best known for its destination wellness spa resort, Miraval Arizona Resort & Spa in Tucson. Hyatt purchased Miraval from an affiliate of KSL Capital Partners, a private equity firm with a number of hospitality investments, with its own recent acquisition of Apple Leisure Group.
Hyatt will be paying $215 million for the Miraval brand and the company’s two flagship destination wellness spa resorts in Tucson, Arizona and the Travaasa Resort in Austin. Hyatt will also be investing an additional $160 million in the next few years to redevelop both resorts and to acquire and redevelop a third, the Cranwell Spa & Golf Resort in Lenox, Mass.
Even though the deal seems relatively small, it signifies that the trend towards wellness has as significant appeal among business travelers, which represent more than 70 percent of Hyatt’s business.
“There is a clear focus on wellness at many corporations to really promote a holistic approach to the individuals that are working for them so they can be more productive and happier,” says Mark Hoplamazian, Hyatt CEO.
Highly influential and a pioneer in the category of wellness research and programming, Miraval’s flagship resort include Mindfulness Stress Mastery, the ABCs of Emotional Intelligence. Its famed Equine Experience lets participants commune with horses as a means to “notice personal patterns of learned behavior that may be holding you back from the life you want to live.” It combines these experiences with five-star luxury accommodations.
Hyatt recognizes the potential in bringing Miraval’s programming and experiences to their own clientele, both by luring them as individuals or in corporate groups via Miraval’s destination resorts as well as by bringing Miraval spas or elements of them to Hyatt’s hotels, which number some 650.
Considering Miraval is relatively small, with only two resort properties and one standalone spa at the moment, Hyatt’s decision to acquire Miraval seems like a strategic move on their part to grow and continues to be in high demand in the global wellness industry.
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