Hyatt Hotels & Resorts acquired Exhale Spa, a boutique fitness and spa brand, for an undisclosed amount. Exhale has grown from one studio in 2003 to 29 boutiques in 11 markets across the U.S. today.
This is Hyatt’s second acquisition in the wellness space. In January, it acquired Miraval Group, a wellness resort and spa company, for $215 million. Both deals are part of a larger strategy to invest in what Hyatt CEO refers to as “adjacent spaces.”
If you’re not familiar with the wellness industry, the appetite for workout studios and fitness classes has exploded in the last few years. And a lot of the interest has come from private equity firms. Remember when Great Hill Partners acquired YogaWorks for about $45 million? Or when L Catterton bought stakes in fitness chain Pure Barre and rival FlyWheel/FlyBarre Sports?