Hyatt Acquires Wellness Leader Miraval Group
Hyatt Hotels Corporation recently announced it had acquired Miraval Group, a provider of “wellness and mindfulness experiences,” from an affiliate of KSL Capital Partners, LLC. Along with acquiring the flagship Miraval Arizona Resort & Spa, Hyatt will continue Miraval’s plans to redevelop the Travaasa Resort in Austin, TX and Cranwell Spa & Golf Resort in Lenox, MA. The transaction also includes the acquisition of the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, CA last year. There will be an initial investment of $215 million for the Miraval brand and the resorts in Tucson and Austin, and Hyatt expects to invest an additional $160 million over the next two to three years to fund the expansion of the Tucson resort, the redevelopment of the Austin resort and the acquisition and redevelopment of the Lenox resort. More at http://newsroom.hyatt.com/wellness
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