Hyatt announced that they have acquired the Miraval Group, which currently has the Miraval Arizona Resort & Spa, with new to redevelop both the Travaasa Resort in Austin, Texas and the Cranwell Spa & Golf Resort. Just think, you may be able to redeem Hyatt points at these properties in the near future.
In addition to the above properties, they also run the The Miraval Life in Balance Spa brand, which opened its first location in Dana Point, Calif. last year, at the old St. Regis Resort Monarch Beach. This property is no longer part of Starwood, so while it may be jumping the gun, I’d love to see the Monarch Beach Resort become a Park Hyatt Resort.
Hyatt Hotels Corporation announced that Hyatt has acquired Miraval Group, the renowned provider of wellness and mindfulness experiences, from an affiliate of KSL Capital Partners, LLC.
For over 20 years, Miraval’s flagship property in Tucson, Ariz. has been considered one of the nation’s leading wellness resorts, offering a comprehensive program of imaginative, authentic and meaningful activities, experiences and personal treatments designed to help guests live life in balance. Along with acquiring the flagship Miraval Arizona Resort & Spa, Hyatt will continue Miraval’s plans to redevelop the recently acquired 220-acre Travaasa Resort in Austin, Texas and pursue the acquisition and redevelopment of the 380-acre Cranwell Spa & Golf Resort in Lenox, Mass. The transaction also includes the acquisition of the Miraval Life in Balance Spa brand, which opened its first location in Dana Point, Calif. last year.
The acquisition includes an initial investment of $215 million for the Miraval brand and the resorts in Tucson and Austin. 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. Hyatt will fund the investment with current operating cash flows and proceeds from the sale of existing assets, consistent with Hyatt’s asset recycling program. The company expects these investments to be marginally accretive to Adjusted EBITDA in 2017 and 2018, achieving a cash-on-cash yield in the high single digits within four to five years.
They’ve been several hotel mergers and acquisitions recently with Starwood/Marriott, Fairmont/Accor, IHG/Kimpton to name a few, that Hyatt is doing what they can to expand their portfolio especially in the “high end market”, so this latest acquisition by Hyatt is a step in the right direction!
Has anyone stayed at the Miraval Arizona Resort & Spa before? Feel free to share your experience below!