CHICAGO, United States — Hyatt Hotels Corporation has acquired wellness hospitality company Miraval Group as part of plans to form a distinct new wellness category within the Hyatt portfolio of brands.
The acquisition includes an initial investment of $215 million for the Miraval brand, with Hyatt expected to invest an additional $160 million over the next two to three years to fund the expansion of a number of Miraval’s resorts across the US.
Reflecting Hyatt’s commitment to serve the growing wellness travel market, Mark Hoplamazian, president and chief executive officer, Hyatt Hotels Corporation explained: “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.”
Adding Miraval to the Hyatt portfolio will allow the hotel group to continue its ongoing holistic health and wellness strategy. Since 2014, the group has been implementing new wellness initiatives including menus evolved with an eye on sustainable health, the inclusion of healthy refreshments on arrival, curated in-room amenities and increased fitness offerings.
More significantly, it will help Hyatt build a greater depth of expertise in wellness and mindfulness, in particular for business travelers, which accounts for over 70% of its business.
“There is a clear focus on wellness at many corporations to really promote a holistic approach to the individuals that are working for them so they can be more productive and happier,” Hyatt CEO Mark Hoplamazian told Fortune. “This is an important megatrend for us to pay attention to,” he added.
Extending the Hyatt brand into adjacent spaces beyond traditional hotel stays, which is core to Hyatt’s global growth strategy, will also play an important role following the acquisition, Hoplamazian revealed.
Recognising the business opportunities associated with the $420 billion wellness-tourism category, Hyatt understands that wellness is an area that needs expanding across all of its offerings. However “This is not shoving a yoga mat in your closet and declaring victory,” he explained to Forbes.
As a global leader in wellness resorts and spas Miraval understands that wellness is a mindset, not a commodity to be thrust upon consumers, that distinction will underscore Hyatt’s wellness strategy moving forward.
According to Hoplamazian, Hyatt is committed to maintaining the integrity of the Miraval brand. “This is not about using the brand name to try to monetize,” he told Forbes. Instead, Hyatt plans on distinguishing itself from the preachy wellness initiatives employed by others in the industry and take a more integrative and authentic approach.