Hyatt Acquires Miraval Group, Plans New Resorts
Thursday, January 19, 2017
Hyatt announced yesterday its plan to acquire the New York-based wellness resort chain Miraval Group. The deal is estimated at $375 million, and includes Miraval’s two existing resorts in Tucson, Arizona, and Austin, Texas. In addition to the buyout, Hyatt is also planning the creation and rebranding of additional resorts under the Miraval name by 2019.
As it stands now, the deal will see that Miraval’s brand, two existing resorts, and standalone spa will be controlled by Hyatt. With an eye on expanding into the wellness market, Hyatt plans to incorporate the Miraval brand into existing properties—the hotelier already plans to rebrand the Cranwell Spa & Golf Resort in Lenox, Massachusetts into a Miraval resort. The additional of Miraval to Hyatt resorts and hotels gives the latter a chance to expand into a burgeoning wellness industry.
Mark Hoplamazian, CEO of Hyatt, said:
“Miraval has that same dynamic that we’ve focused our attention on: significant growth and interest in wellness, in lieu of how the hotel industry has historically approached it. Rather than just have programs around a workout or a gym experience or nutrition, the approach at Miraval is extremely holistic and that, to me, is the major draw and difference that will allow us to maintain impact on the people who experience these programs and experience these resorts.”
In return, the Miraval Group could have the opportunity to expand their wellness and spa services into existing Hyatt properties and new destinations. Their CEO, Steve Rudnitsky, added:
“There are a host of other markets that will benefit from the Miraval experience with a full-blown destination experience. We also know Miraval Life in Balance spa applications make a tremendous lot of sense where there isn’t an opportunity for a resort experience. . . We’re looking at the globe holistically, and working with local Hyatt development teams to see where we take the next several Miraval properties or entities, whether they’re destination locations or part of a hotel.”
Miraval Group has garnered a reputation for its wellness resorts, which focus on providing a holistic approach to improving physical and mental health in specialty destinations. Miraval’s flagship Tucson property, the Miraval Arizona Resort & Spa, offers coordinated fitness activities, extensive spa services, and healthy eating. A break from the traditional excess that most all-inclusive resorts offer, the travel industry has responded kindly to the wellness trend—the niche industry generated nearly $4 trillion in global revenue in 2015.
To learn more about Hyatt resorts, the Miraval Group, or about the deal that is bringing the two brands together, read their official press release.