Read us | Listen to us | Watch us | Join Live Events | Turn Off Ads | Live |

Click on your language to translate this article:

Afrikaans Afrikaans Albanian Albanian Amharic Amharic Arabic Arabic Armenian Armenian Azerbaijani Azerbaijani Basque Basque Belarusian Belarusian Bengali Bengali Bosnian Bosnian Bulgarian Bulgarian Catalan Catalan Cebuano Cebuano Chichewa Chichewa Chinese (Simplified) Chinese (Simplified) Chinese (Traditional) Chinese (Traditional) Corsican Corsican Croatian Croatian Czech Czech Danish Danish Dutch Dutch English English Esperanto Esperanto Estonian Estonian Filipino Filipino Finnish Finnish French French Frisian Frisian Galician Galician Georgian Georgian German German Greek Greek Gujarati Gujarati Haitian Creole Haitian Creole Hausa Hausa Hawaiian Hawaiian Hebrew Hebrew Hindi Hindi Hmong Hmong Hungarian Hungarian Icelandic Icelandic Igbo Igbo Indonesian Indonesian Irish Irish Italian Italian Japanese Japanese Javanese Javanese Kannada Kannada Kazakh Kazakh Khmer Khmer Korean Korean Kurdish (Kurmanji) Kurdish (Kurmanji) Kyrgyz Kyrgyz Lao Lao Latin Latin Latvian Latvian Lithuanian Lithuanian Luxembourgish Luxembourgish Macedonian Macedonian Malagasy Malagasy Malay Malay Malayalam Malayalam Maltese Maltese Maori Maori Marathi Marathi Mongolian Mongolian Myanmar (Burmese) Myanmar (Burmese) Nepali Nepali Norwegian Norwegian Pashto Pashto Persian Persian Polish Polish Portuguese Portuguese Punjabi Punjabi Romanian Romanian Russian Russian Samoan Samoan Scottish Gaelic Scottish Gaelic Serbian Serbian Sesotho Sesotho Shona Shona Sindhi Sindhi Sinhala Sinhala Slovak Slovak Slovenian Slovenian Somali Somali Spanish Spanish Sudanese Sudanese Swahili Swahili Swedish Swedish Tajik Tajik Tamil Tamil Telugu Telugu Thai Thai Turkish Turkish Ukrainian Ukrainian Urdu Urdu Uzbek Uzbek Vietnamese Vietnamese Welsh Welsh Xhosa Xhosa Yiddish Yiddish Yoruba Yoruba Zulu Zulu

Hyatt buys Miraval Group for $215 million

Hyatt Hotels Corporation announced that Hyatt has acquired Miraval Group, the renowned provider of wellness and mindfulness experiences, from an affiliate of KSL Capital Partners, LLC.

Hyatt Hotels Corporation announced that Hyatt has acquired Miraval Group, the renowned provider of wellness and mindfulness experiences, from an affiliate of KSL Capital Partners, LLC.

For over 20 years, Miraval’s flagship property in Tucson, Ariz. has been considered one of the nation’s leading wellness resorts, offering a comprehensive program of imaginative, authentic and meaningful activities, experiences and personal treatments designed to help guests live life in balance. Along with acquiring the flagship Miraval Arizona Resort & Spa, Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, Texas and pursue the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort in Lenox, Mass. The transaction also includes the acquisition of the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, Calif. last year.


“The Miraval acquisition reflects our commitment to super serving the high-end traveler and finding new ways to understand and care for them,” said 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.”

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. The company expects these investments to be marginally accretive to Adjusted EBITDA in 2017 and 2018, achieving a cash-on-cash yield in the high single digits within four to five years.

Miraval will form a distinct new wellness category within the Hyatt portfolio of brands. Steven Rudnitsky, president and chief executive officer of Miraval Group, will continue to drive the brand’s growth strategy, reporting to Mark Hoplamazian and working with the existing Miraval leadership team and associates.

“Importantly, the acquisition also extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt’s global growth strategy,” said Hoplamazian. “We recognize the business opportunity within the $420 billion wellness-tourism category and understand the rising demand for wellness offerings among our targeted high-end travelers.”

The 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.”