Hyatt Acquires Miraval to Bring Wellness to Business Travel
In a sign that the wellness trend that’s taken the world by (a calm, mindful) storm shows no signs of slowing, Chicago-based Hyatt Hotels Corporation has acquired the Miraval Group, a leader in the category of wellness hospitality, in a deal announced Wednesday morning.
Under terms of the deal, Hyatt will pay $215 million for the Miraval brand and two resorts, the company’s flagship destination wellness spa in Tucson, Arizona—a five-star favorite of Oprah Winfrey and other celebrities—and the Travaasa Resort in Austin, recently acquired by Miraval and in the process of redevelopment. Hyatt will also invest an additional $160 million over the next few years to redevelop both resorts and to acquire and redevelop a third, the Cranwell Spa & Golf Resort in Lenox, Mass. Hyatt is acquiring the company from an affiliate of lL Partners, a Denver-based private equity firm specializing in travel and leisure businesses.
While relatively small, the deal signifies affirmation that the trend toward wellness has particular appeal among business travelers, which represent more than 70 percent of Hyatt’s business. “There is a clear focus on wellness at many corporations to really promote a holistic approach to the individuals that are working for them so they can be more productive and happier,” Hyatt CEO Mark Hoplamazian told Fortune. “This is an important megatrend for us to pay attention to.” The deal marks the first acquisition for Hyatt that’s not exclusively a hotel brand; Miraval will live as a separate business unit within Hyatt.