Hyatt has acquired a wellness resort and spa company for US$215 million.

The hotel group has purchased the Miraval Group from an affiliate of KSL Capital Partners, which owns and operates health resorts in the US and the Miraval Life in Balance Spa brand.

In addition to taking control of the flagship Miraval Arizona Resort & Spa, Hyatt said it would continue Miraval’s plans to redevelop the recently-acquired Travaasa Resort in Austin, Texas, and pursue the acquisition and redevelopment of the Cranwell Spa & Golf Resort in Massachusetts.

These plans will see Hyatt invest an additional US$160m over the next two to three years to fund the brand’s expansion.
“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,” said Mark Hoplamazian, Hyatt’s president & CEO. “Importantly, the acquisition also extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt’s global growth strategy.

“We recognise the business opportunity within the US$420 billion wellness tourism category and understand the rising demand for wellness offerings among our targeted high-end travellers,” he added.

Miraval will become a new wellness brand within the Hyatt portfolio, and the company’s 13th brand overall. Steven Rudnitsky, Miraval’s president & CEO, will continue to lead the brand, alongside the existing Miraval team.

“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.”

This deal marks Hyatt’s first major acquisition since 2011, when the company purchased LodgeWorks’ portfolio of hotels to create the Hyatt House brand. Hyatt was also reported to be interested in acquiring Starwood prior before it was sold to Marriott.