Hyatt Hotels has acquired resort and spa operator Miraval
Group from KSL Capital Partners for $215 million, and will spend another $160
million expanding the Miraval Arizona and building out the brand's Texas and
Massachusetts sites within the next three years.
Miraval will operate as its own brand under Hyatt, and Miraval
CEO Steve Rudnitsky and his management team will join Hyatt.
Hyatt is considering rebranding some of its resorts and spas
with the Miraval and Life in Balance names.
Miraval last month acquired the Travaasa Austin, with
plans to redevelop the 220-acre property into the Miraval Austin. The company is also pursuing the acquisition of the 380-acre Cranwell Spa & Golf Resort in Lenox, Mass., and plans to redevelop it as well.
Hyatt will use Miraval to expand its presence in wellness
tourism while using the Miraval's expertise to broaden its wellness-related
services beyond what Hyatt CEO Mark Hoplamazian termed "the narrow
definition of fitness and nutrition."
Hoplamazian cited his experience with a floating meditation
class he took at the Miraval Arizona last year as a factor in his company's
interest in Miraval.
"I came out of that experience with a great deal of
awareness and focus," said Hoplamazian. "That's a far cry from shoving a yoga matt in the
closet of a hotel and saying, 'Good luck with that.'"
The Hyatt CEO views the Miraval brand and services, ranging
from nutrition to equine therapy to art and culinary programs, as a potential draw
for corporate guests.
The Miraval Arizona will complete its expansion this year,
while the Texas and Massachusetts resorts are slated to open in early 2019.
Miraval opened the 117-room Miraval Arizona Resort & Spa
in 1995, and offers more than 120 wellness activities, fitness classes and
lectures per week. The company last year began operating its Life in Balance
Spa at the Monarch Beach Resort in Southern California.