Acquisitions & Hotel Openings

Miraval Group to Develop its First Destination Wellness Resort in Texas

NEW YORK, N.Y. December 26, 2016 - C Miraval Group today announced it has acquired the 220-acre Travaasa Austin Resort in the Hill Country of Texas, which it will redevelop and expand into a 120-room destination wellness resort, its first in Texas and the South.

The purchase, from a wholly owned subsidiary of Amstar Group LLC, closed today following the approval of Miraval's development plans. The project is expected to be completed by January 2019.

Miraval Group will renovate the existing inventory, add 50 rooms, more than double the spa space, expand the main restaurant and construct several facilities, including a unique equine experience that will be integral to the Miraval experience.

Steven A. Rudnitsky, Miraval Group president & chief executive officer, said the project would 'build on the momentum of the company's nationwide growth plan', following the opening earlier this year of the Miraval Life in Balance Spa at Monarch Beach Resort in Dana Point, California, and its announcement to redevelop the Cranwell resort in Lenox, Massachusetts.

"We selected Travaasa Austin for a host of reasons, including its hilltop location that provides extraordinary views of Lake Travis and a sense of place", he said. "The campus is surrounded by protected lands, providing privacy and protection from distractions of the outside world. In addition, the existing staff is a good fit for the Miraval culture. We are delighted to welcome them to the Miraval family".

Rudnitsky said the acquisition will offer Miraval Group an 'exceptional opportunity to create an authentic Texas wellness experience', adding the company will incorporate the region's culture and architectural styles 'to create original experiences with dynamic well-being and personal development programs, one-of-a-kind spa treatments and flavorful and healthful cuisine'.

The resort will continue operating as Travaasa Austin throughout the redevelopment process and be relaunched as Miraval Austin in early 2019.

About Miraval Group

New York-based Miraval Group is a global leader in wellness resorts and spas. Miraval Arizona Resort & Spa in Tucson pioneered the destination wellness spa resort category with its comprehensive program of activities, experiences and personal treatments. The company is developing Miraval Life in Balance Spas and full-service Miraval destination wellness resorts concurrently in key national markets.

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