Innovative Partnership Between Therme Group and The Georgetown Company to Transform Urban Wellness in the U.S.
In a noteworthy development for the wellness and real estate sectors, Therme Group, a Europe-based wellness company renowned for creating expansive, spa-like resorts that seamlessly blend thermal bathing, wellness, and cultural experiences, has announced a strategic partnership with The Georgetown Company, a prominent real estate developer based in New York. This joint venture, referred to as Therme U.S., aims to redefine urban spaces across the United States by launching a series of well-being resorts designed to foster community connection, relaxation, and rejuvenation in modern city environments.
According to the announcement made on Tuesday, the collaboration has significant implications for local economies and urban planning. Under the terms of the agreement, Georgetown has acquired a 25 percent equity stake in Therme U.S., which not only confirms their role as the exclusive development partner for all U.S. projects but also marks a substantial financial commitment. This partnership aspires to oversee the delivery of 10 projects, each anticipated to span approximately 500,000 square feet, thereby contributing to local economies and urban development narratives.
John Alschuler, the executive chairman of Therme U.S., articulated a forward-thinking vision for urban wellness, emphasizing that “cities thrive when they invest in places that bring people together.” Alschuler’s statement highlights the essential role that well-being facilities play in urban planning and community cohesion, positioning Therme’s resorts as not merely commercial ventures, but as vital public spaces that promote the reconnection of individuals from diverse backgrounds.
The joint venture reflects a broader trend in urban development, wherein wellness has emerged as a pivotal component of city planning. Adam Flatto, CEO of Georgetown, remarked, “Well-being is now established as a defining element of urban development.” This partnership not only brings Therme’s innovative approach to embedding well-being within urban fabric but also reinforces Georgetown’s commitment to creating vibrant, resilient urban spaces.
Therme Group has garnered attention for its successful projects across Europe, including destinations in Germany and a notable site in Bucharest, Romania. The company is also expanding its footprint internationally, with ventures in cities such as Dubai, Manchester, Frankfurt, and Toronto. However, the entry into the U.S. market represents a significant stride, as it currently has no operational wellness resorts within the country. Plans are already underway for two flagship locations, collectively with a development cost estimated at .5 billion.
As Georgetown has a robust history of real estate development, having managed over 25 million square feet of diverse properties since its inception in 1978, its collaboration with Therme is backed by substantial expertise in project execution and financial structuring. The firm controls assets valued at over billion, having successfully completed prominent projects, including the 0 million redevelopment of Sony Pictures Entertainment’s studio site in Culver City, California, and the Easton Town Center shopping center development in Columbus, Ohio.
In addition to its development role, Georgetown will adopt a financial partnership position within Therme, planning to make significant investments in the wellness company’s global initiatives. This integration of financial and developmental expertise aims to position Therme U.S. for rapid scaling while adhering to principles of sustainable urban infrastructure.
While Therme has yet to establish a substantial presence in the U.S. wellness market, the company has previously worked on notable projects in New York City, contributing to iconic sites such as Manhattan’s High Line and Brooklyn Bridge Park. This experience has poised Therme to effectively integrate its wellness destinations into the urban landscapes that characterize American cities.
Future Therme wellness resorts are envisioned to feature a comprehensive array of amenities, including thermal baths, saunas, mineral pools, lush greenery, water slides, and dining options. This expansion not only holds the promise of elevating the wellness industry in the U.S. but also signifies a commitment to enriching urban life through thoughtful design and community-centered spaces.
As the partnership between Therme Group and The Georgetown Company unfolds, it is expected to set a new standard for urban wellness facilities and serve as a blueprint for sustainable urban development, creating gathering places that enhance quality of life amidst the hustle of modern cities.
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