THERME GROUP AND THE GEORGETOWN COMPANY FORM JOINT VENTURE TO EXPAND URBAN WELLBEING IN THE U.S.

NEW YORK, Feb. 25, 2025 /PRNewswire/ -- Therme Group, a global leader in creating large-scale wellbeing destinations that blend thermal bathing, wellness, and culture, has formed a joint venture for the ownership and development of its U.S. business with The Georgetown Company, a leading developer and owner of commercial, retail and mixed-use properties. The joint venture is a meaningful step forward in Therme Group's plans to scale its urban wellbeing vision across the U.S., establishing Georgetown as Therme U.S.' exclusive development partner for all U.S. projects and a financial participant globally.

This strategic partnership, in which The Georgetown Company has acquired a 25% equity stake in Therme US from Therme Group, accelerates Therme US's ability to deliver 10 projects, each of which encompass approx. 500,000 square feet, across the U.S. over the coming years. Modeled on Therme Group's successful existing facilities in Munich, Germany and Bucharest, Romania, the joint venture aims to bring large-scale urban wellbeing destinations to key U.S. cities nationwide.

John Alschuler, Chief Executive Officer of Therme US, commented, "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."

Recognizing the growing need for these third spaces, Georgetown joins Therme US not just as a financial partner but as a champion of forward-thinking infrastructure that prioritizes health, sustainability, and community. More than an investment, this partnership reflects a shared commitment to advancing sustainable urban infrastructure that benefits communities.

Adam Flatto, Chief Executive Officer of The Georgetown Company, said, "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 we integrate wellbeing into our broader portfolio of projects focused on shaping more vibrant and resilient urban spaces."

The Georgetown Company's legacy in large-scale urban development is well established. The firm has delivered some of the country's most iconic projects, including the Frank Gehry-designed IAC Building in New York, the Four Seasons Residences in Washington, DC, the redevelopment of Paramount and Sony studios in Los Angeles, and the visionary Easton Town Center mixed-use development in Columbus, OH. Their proven ability to bring ambitious projects to life makes them a natural partner for scaling Therme's vision.

Beyond development, the partnership also leverages The Georgetown Company's extensive global finance network, ensuring that these large-scale wellbeing projects receive the third-party investment necessary to make them a reality. Alongside mobilizing external capital, Georgetown will be making substantial investments in future Therme projects globally. With active projects already underway in Dubai, Manchester, Frankfurt, and Toronto, Therme US and Georgetown are currently advancing plans for two additional locations in the U.S., with details expected to be announced in the coming months. These projects collectively represent $1.5 billion in development costs, underscoring Therme's commitment to reimagining urban wellbeing at scale.

Robert Hanea, Chief Executive Officer at Therme Group, said, "The global demand for wellbeing infrastructure has never been greater. We are thrilled to join forces with The Georgetown Company, and that a player of its high caliber recognizes and shares our excitement for the compelling opportunity ahead."

Drawing on decades of experience reshaping urban spaces, CEO John Alschuler and President & Chief Strategy Officer Robert Hammond bring a proven track record to Therme US. Their collaborative work on landmark projects like New York City's High Line—and John Alschuler's leadership on Brooklyn Bridge Park—has shown how innovative design and genuine community engagement can transform urban life. At Therme US, they're committed to applying these lessons to create immersive, accessible destinations that foster connection, resilience, and enduring civic impact.

Robert Hammond said, "With Therme US, we're not simply creating a destination, we're redefining urban wellbeing. Just as Roman baths once served as essential centers for community connection, our thermae will provide dynamic spaces where people gather and thrive. I believe that, much like museums and libraries today, every great city will soon count a Therme as a vital urban amenity."

Therme US and The Georgetown Company's next generation of wellbeing destinations will provide an unprecedented fusion of thermal bathing, relaxation, social connection, and entertainment, all within a single, dynamic environment. These large-scale urban spaces will feature thermal baths, saunas, mineral pools, lush greenery, exhilarating waterslides, swim-up bars, and a diverse selection of dining options. Designed to be inclusive and accessible, they will offer visitors a place to explore wellbeing on their own terms—whether through family fun, peaceful retreat, or immersive wellness experiences.

About Therme Group
Therme Group is a global company pioneering the future of wellbeing, driven by the belief that wellbeing should be accessible to all through inclusive concepts at scale. With over two decades of experience and more than 10 best-in-class specialty divisions dedicated to constructing and operating health and wellbeing facilities, Therme Group's proprietary in-house ecosystem of expertise drives continuous innovation, bringing the next generation of state-of-the-art wellbeing oases to life worldwide. Steeped in science and bathed in tradition, Therme Group actively invests in research to explore how scientifically backed health benefits can be achieved through a variety of environments, activities, and experiences designed to help guests reconnect with nature, themselves, and each other.

What is a Therme
Therme by Therme Group offers a diverse range of experiences, from thermal bathing and spa treatments to wellness programming and cultural engagement, all within immersive, sustainable environments. With hundreds of thousands of square feet dedicated to wellbeing, each Therme features thermal and mineral pools, dozens of saunas and wet rooms, thousands of relaxation beds, lush greenery including plants and trees, swim-up bars, exhilarating waterslides, and a variety of restaurants. At Therme, you can explore and define what wellbeing means to you.

About The Georgetown Company
The Georgetown Company develops and invests in residential, commercial and mixed-use properties throughout the United States, with a focus on emerging neighborhoods in best-of-class locations. Led by President and CEO Adam Flatto and founded in 1978, Georgetown is a privately held, diversified real estate development company that is recognized for attracting long-term partners and creating popular destinations after carefully selecting properties and diligently nurturing them through all stages of development and ongoing operations. Georgetown is headquartered in New York City and currently owns and is developing properties in New York City, Los Angeles, Chicago, Columbus, OH, Boston, and Washington, DC.

SOURCE Therme Group