Published on Friday, January 20, 2017
Hyatt Hotels Corp has announced the acquisition of wellness resort operator Miraval Group.
The acquisition from KSL Capital Partnershas cost $215 million for Miraval's existing resort in Tucson and developments in Austin and Lenox, Massachusetts.
Hyatt said it will spend an additional $160 million to expand and redevelop the resorts.
The purchase also includes the Miraval Life in Balance Spa brand which opened its first location in California last year.
"The Miraval acquisition reflects our commitment to super serving the high-end traveller and finding new ways to understand and care for them.
"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," said Hyatt Hotels Corp CEO Mark Hoplamazian.
The Miraval brand will become a new wellness category within the Hyatt portfolio and Miraval CEO Steven Rudnitsky will continue to drive the brand's growth strategy under Hyatt.
"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 travellers," Hoplamazian added.
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.