Hyatt to spend $100M on Miraval expansion this year

A suite at the Miraval Arizona Resort & Spa in Tucson.
A suite at the Miraval Arizona Resort & Spa in Tucson.

Hyatt said it will spend $100 million this year opening its Miraval wellness resort in Austin, Texas, and preparing for next year's opening of a Miraval resort in Lenox, Mass.

Hyatt, which detailed its plans on its fourth-quarter earnings call Thursday, said the Austin resort would open by the end of the year, while the property in western Massachusetts would open in June 2019. A Miraval Life and Balance Spa is part of the Park Hyatt St. Kitts, which opened in November.

"We see wellness and mindfulness as an opportunity to fulfill our purpose to care for people, so they can be their best," Hyatt CEO Mark Hoplamazian said on the call. "Our investment in the Miraval brand provides an exceptional and highly desired offering, specifically focused in this space."

Hyatt in December 2016 acquired the Travaasa Austin, for the purpose of redeveloping the 220-acre property into the Miraval Austin. The following month, Hyatt acquired the Miraval brand outright from KSL Capital Partners for $215 million.

Once the Massachusetts property is completed, Hyatt will oversee three Miraval resorts and two spas located within other resorts. The first Miraval, the 117-room Miraval Arizona Resort & Spa, opened in 1995. Southern California's Monarch Beach Resort added a Miraval spa in 2016.

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