#United States #New York #Therme Group #Georgetown Company #Urban Wellbeing

Therme Group and The Georgetown Company Unite for Urban Wellness Development

In an exciting development for urban wellbeing, Therme Group, a global frontrunner in crafting expansive wellbeing destinations, has established a joint venture with The Georgetown Company. This strategic partnership aims to elevate the wellness landscape across major U.S. cities by introducing large-scale urban wellness facilities that seamlessly blend thermal bathing, wellness, and cultural experiences.

The Vision Behind the Partnership

Therme Group’s initiative reflects the growing demand for innovative urban spaces designed to foster community and enhance overall quality of life. By joining forces with The Georgetown Company, renowned for its expertise in commercial and mixed-use property development, Therme Group can rapidly scale its ambitious vision for urban wellbeing. The partnership positions Georgetown as the exclusive development partner for all Therme U.S. projects, representing a significant milestone in bringing this unique concept to American cities.

What’s at Stake?

The Georgetown Company has committed by acquiring a 25% equity stake in Therme US, allowing both entities to accelerate the development of up to 10 major wellness projects across the United States. Each project is expected to cover approximately 500,000 square feet, akin to the successful existing facilities in Munich and Bucharest. This venture not only promises to enhance public spaces but is also projected to inject $1.5 billion into the U.S. economy.

Leadership Vision

John Alschuler, Chief Executive Officer of Therme US, expressed optimism regarding the partnership, stating, "Our vision combined with Georgetown's proven expertise ensures the resources necessary to achieve rapid growth. As cities invest in gathering spaces, we create environments where people of varying backgrounds can come together to relax and rejuvenate."

Adam Flatto, CEO of The Georgetown Company, underscored the evolving essence of urban spaces: "Wellbeing has become integral to urban development. Therme's approach to infusing wellness within the urban framework is not just innovative but essential for the future of cities. This partnership deepens our commitment to developing spaces rich in community health and sustainability."

A Legacy of Urban Development

The Georgetown Company boasts a robust legacy in large-scale urban development, having successfully delivered iconic projects, including the Frank Gehry-designed IAC Building in New York and the Four Seasons Residences in Washington, D.C. Their unmatched ability to realize complex projects makes them an ideal partner for Therme Group’s wellness vision. With this union, they plan to draw on Georgetown’s extensive financial network to attract external investments necessary for bringing ambitious wellness projects to fruition.

Global Ambitions

Currently, global projects are also in motion for Therme Group in cities like Dubai, Manchester, Frankfurt, and Toronto. The partnership will serve as a catalyst for future developments in the U.S., with additional locations slated for announcement soon.

Creating New Urban Experiences

The new Therme US facilities will offer an unparalleled blend of thermal bathing, relaxation options, and social engagement in a beautifully designed environment—complete with thermal baths, saunas, mineral pools, lush gardens, waterslides, and swimming bars. The aim is to create spaces where visitors can immerse in wellness activities, be it through family interactions, serene retreats, or adventurous wellness experiences.

About Therme Group

Therme Group epitomizes the future of wellbeing, committed to creating inclusive health and wellness spaces accessible to all. The company prides itself on innovation, with decades of experience and a commitment to grounding its developments in scientific research to enhance user experiences and belief systems surrounding wellness.

About The Georgetown Company

Founded in 1978, The Georgetown Company focuses on real estate development in high-potential neighborhoods across the U.S., with an eye for evolving urban landscapes. As a private, diversified real estate development firm based in New York City, it excels in identifying and nurturing properties through all stages of development, propelling communities toward vibrant and resilient futures.

The collaboration between Therme Group and The Georgetown Company heralds an exciting era for urban wellbeing in the U.S. With ambitious projects on the horizon, cities can look forward to enriching their community spaces and promoting health and wellness for all.