Therme Group & The Georgetown Company Form Joint Venture for US Expansion
© Photo: Therme Group
(eap) Therme Group – a provider of large-scale wellness destinations that combine thermal spas, wellness and culture – has formed a joint venture with US real estate group The Georgetown Company (Georgetown) for co-ownership and development of its US business. In the coming years, a total of ten wellness destinations with an area of approx. 4.6 hectares (500,000 square feet) each are to be developed in the USA based on the model of Therme Bucharest (Romania) and Germany’s Therme Erding (which recently became part of Therme Group’s portfolio, c.f. EAP News of 10 Dec 2024). Currently, plans for two of the ten envisioned future locations in the USA are already advancing.
“Our vision combined with Georgetown’s proven expertise in development, execution, and financial structuring ensures that Therme US has both the capacity and backing to achieve scale rapidly. Cities thrive when they invest in places that bring people together. Today’s announcement marks a significant milestone in the future evolution of urban spaces with the creation of world-class destinations where people of all ages and backgrounds can gather, relax, and reconnect,” explains John Alschuler, CEO of Therme US, in which Georgetown has a 25 percent equity stake.
Adam Flatto, CEO of Georgetown, states: “Wellbeing is now established as a defining element of urban development. Therme’s visionary approach to embedding wellbeing into the urban fabric is not only forward-thinking but a necessary component for the future development of cities. This partnership not only advances Therme US’s vision but also informs how to integrate wellbeing into our broader portfolio of projects focused on shaping more vibrant and resilient urban spaces.”
Robert Hanea, CEO of Therme Group, adds: “The global demand for wellbeing infrastructure has never been greater. This partnership with The Georgetown Company ensures that Therme has the scale, expertise, and strategic alignment to meet that demand in the U.S. and beyond.”
The Therme Group is not only aiming for growth in the US market: there are currently concrete projects for Toronto (Canada), Manchester (UK), Dubai (UAE) and Frankfurt. Together with the first two US destinations, these projects represent total development costs of 1.5 billion US dollars (approx. 1.4 billion euros), according to Therme Group. ■
