When Hyatt CEO Mark Hoplamazian told Skift his company was looking to get into “adjacent spaces” back in December, he wasn’t kidding.
Today, Chicago-based Hyatt announced its USD 375-million acquisition of New York-based Miraval Group, a wellness resort and spa company best known for its destination wellness spa resort, Miraval Arizona Resort & Spa in Tucson, Ariz. Hyatt purchased Miraval from an affiliate of KSL Capital Partners, a private equity firm with a number of hospitality investments, including its ownrecent acquisition of Apple Leisure Group.
The deal includes an initial investment of USD 215 million for the Miraval brand and the group’s two resorts in Tucson and Austin. Hyatt also plans to invest an additional USD 160 million over the next three years to expand Miraval’s flagship Tucson property, its newly acquired Austin resort (a Travaasa Resort), and the acquisition and redevelopment of the Cranwell Spa & Golf Resort in Lenox, Mass. Both the Austin and Lenox resorts are expected to open as Miraval properties in 2019.
When asked to elaborate on what he meant by “adjacent spaces” in December, Hoplamazian mentioned the possibility of entering into the wellness space specifically.
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