Nearly two years after announcing plans to come to the U.S., a European company known for its massive wellness-focused resorts has found a partner to help accelerate its expansion across the pond.
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Therme Group formed a joint venture with New York-headquartered The Georgetown Co. for the ownership and development of its U.S. business. The companies plan to build 10 projects of around 500K SF each in key U.S. cities, according to a release announcing the deal.
Georgetown acquired a 25% equity stake in Therme U.S. and will serve as its exclusive development partner for all projects in America.
Therme Group operates four locations in Romania and Germany, and it has plans for locations across Asia, Europe and Canada. The resort operator offers pay-as-you-go retreats with waterpark features, saunas, dining, exercise facilities, and arts and culture programming.
The company has projects underway in Dubai, Manchester, UK, Frankfurt, Germany, and Toronto, and the JV is in the process of advancing plans for two locations in the U.S., it said in the release.
Therme signed a one-year agreement in May 2023 to work with Washington, D.C., officials to find a location for its first U.S. site, but nothing came to fruition. The Washington Business Journal reported in July that discussions toward selecting a site in D.C. had continued beyond the initial one-year exclusivity window and that Anacostia’s Poplar Point was in contention.
A Therme spokesperson told Bisnow Tuesday the company is still in talks to open in D.C.
“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,” Therme U.S. CEO John Alschuler said in a statement, adding the announcement “marks a significant milestone in the future evolution of urban spaces.”
Georgetown CEO Adam Flatto touted the importance of well-being in 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,” Flatto said in a statement.
The new joint venture isn’t the only high-profile project Georgetown has in the works following the death of its founder, Marshall Rose, last week.
A proposal filed with the U.S. Commission of Fine Arts earlier this month revealed the company’s plan to turn a 477K SF office building at 450 Fifth St. in D.C. into a 500-unit apartment building.
It also struck a deal to acquire D.C.'s historic Hotel Harrington property at 436 11th St. NW, with plans for redevelopment.
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