INVESTOR PROFILE


Rich Weissmann


Last year, KSL Capital Partners became majority stakeholders of US destination spa Miraval. As the fi rm prepares to announce two new Miraval resorts, KSL partner Rich Weissmann explains its vision for the brand to Rhianon Howells


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iraval Resort & Spa, a nearly 20-year-old destination spa in Tucson, is arguably one of the best-known brands in the global spa industry


– quite an achievement considering it is, in essence, a single site in the middle of the Arizona desert. But as KSL Capital Partners’ Rich Weissmann will testify, this has no bearing on its potential.


“Miraval is a business that clearly punches above its weight,” says Weissmann, a partner with the private equity fi rm, which bought a majority stake in the resort from Steve Case’s company, Revolution, last June. “I think that’s because of the quality and nature of the expe- rience that people get there.” It was the opportunity to translate this rep- utation into growth that piqued the interest of KSL’s managing director, Mike Shannon, when the fi rm started looking for spa invest- ments seven years ago. As a specialist in travel and leisure investment, KSL was already involved in the spa business through its then ownership of destination resorts with signifi cant spas, from La Costa in California to Grand Wailea in Hawaii. But the world of wellness was relatively new territory.


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Before KSL, Weissmann headed up the hospitality and gaming practice at Goldman Sachs


“We needed to focus on wellness, and we came up with two names: Canyon Ranch and Miraval,” says Weissmann, who joined KSL in 2008 after 10 years at Goldman Sachs, where he headed up its hospitality and gaming prac- tice. “Miraval dovetails with the demographic we were trying to target.” The KSL clientele, says Weissmann, want to


consume leisure in a meaningful, non-prescrip- tive way and also have a relaxing vacation. Miraval, with its stunning location in the foothills of the Santa Catalina Mountains, its focus on life-affi rming experiences and its lack of regimens, ticked all the right boxes. So where exactly is Miraval heading under KSL’s steerage? Before the deal, Revolution


CLADmag 2015 ISSUE 1


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