Hyatt Hotels Corp. acquired wellness resort and spa operator Miraval from KSL Capital Partners for $215 million, in a move to target the $420 billion wellness-tourism industry and its high-end travelers.
Miraval will become the new wellness brand within the Hyatt portfolio. Hyatt said it plans to spend an additional $160 million to expand and redevelop Miraval’s resorts, which include its flagship property in Tucson, AZ, as well as the recently acquired Travaasa Resort in Austin, TX, and the Cranwell Spa & Golf Resort in Lenox, MA.
The Miraval Arizona is the company's flagship property. Photo: Miraval
The deal also includes Miraval’s Life in Balance Spa brand, which opened its first location in California last year.
Miraval CEO Steven Rudnitsky will continue to lead the brand under Hyatt.
"The Miraval acquisition reflects our commitment to super serving the high-end traveler and finding new ways to understand and care for them,” said Hyatt Hotels Corp. CEO Mark Hoplamazian.
While Miraval will operate as a separate business unit under Hyatt, its spa and other services may be integrated into some of Hyatt’s 650 hotels. Hoplamazian also sees the acquisition as an opportunity for corporations looking to offer wellness-driven meetings.
Celebrities, including Oprah Winfrey and Mel Gibson, and the affluent have been retreating to Miraval Tucson for more than 20 years. There are innovative mind and body classes, like Mindfulness Stress Mastery and the ABCs of Emotional Intelligence. Miraval also runs a famous horse therapy program, Equine Experience, where participants learn to deal with trauma or anxiety through taking care of horses. The program became so popular – and its largest revenue driver – creator Wyatt Webb introduced group "It's Not About the Horse" sessions.
Equine Experience creator Wyatt Webb. Photo: Miraval