Hyatt has big plans for its wellness brand, Miraval.
The Arizona-based group was acquired by the hotel company in January of 2017, and its flagship Arizona property is often recognized as one of the top wellness destinations in the U.S.
Both wellness and mindfulness will be a major focus for Hyatt going forward as it looks to boost its portfolio with businesses that complement its high-end customer base.
"Wellness and mindfulness are areas of increasing importance for consumers generally, and incorporating these areas of focus into the experience as we build and deliver for our guests is a key enhancement to the relationship that we are building with them," said Mark Hoplamazian, president and chief executive officer, Hyatt Hotels Corporation during the company's fourth-quarter earnings conference call.
"We also see wellness and mindfulness as an opportunity to fulfill our purpose to care for people so that they can be their best," Hoplamazian added. "Our investment in the Miraval brand provides an exceptional and highly desired offering specifically focused on this space. And the Miraval brand along with the Exhale brand that we acquired in 2017 provides a platform upon which to expand and differentiate in this space."
Hyatt plans to make major investments in the brand in the coming months as it readies for the debut of two new resorts operating under the Miraval Group in Austin and Massachusetts.
Last year, Hyatt announced that it would continue Miraval Group's plans to redevelop the 220-acre Travaasa Resort in Austin, Texas, as Miraval Austin. It is also redeveloping the 380-acre Cranwell Spa & Golf Resort in Lenox, Massachusetts, as a new Miraval property.
Hyatt views the opportunities that can be developed through its acquisition of Miraval Group as enhancing the experiences available to World of Hyatt members and believes that it will see a high rate of return on its investment.
"Importantly, the acquisition also extends the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt's global growth strategy," said Hoplamazian. "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 travelers."
Hyatt has already opened a Life In Balance spa at the Park Hyatt St. Kitts. The Austin property is scheduled to debut at the end of 2018 and the Lenox, Massachusetts, property is planned for mid-2019.
Altogether, the investment in these properties totals $160 million.
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