Therme’s Vision for Urban Well-Being Centers Gains Traction
Ten wellness-destination projects are in the works across the U.S., featuring thermal bathing, relaxation and opportunities for social connection
Well-being company Therme Group has formed a joint venture with The Georgetown Company, a real estate developer and owner of commercial, retail and mixed-use properties. Known for projects like the Four Seasons Residences in Washington, DC, and the redevelopment of Paramount and Sony studios in Los Angeles, The Georgetown Company will help support and scale Therme’s “urban well-being” vision across the U.S.—which centers on thermal bathing, relaxation, social connection and entertainment in a lush, greenery-filled setting.
The deal sees The Georgetown Company acquiring a 25% equity stake in Therme US from Therme Group, paving the way for 10 projects across the U.S. over the coming years that prioritize sustainability and community. Therme Group opened its flagship wellness project in Romania in 2016, known for its sustainability efforts, saunas, salt library, mineral pools, thermal water pools, infrared beds, spa services and relaxation areas.
The news comes amid both a wellness tourism boom and an increased interest in health-supporting activities that emphasize connection.
At the close of 2024, Therme Group acquired Therme Erding, a leading well-being destination near Munich featuring a tropical spa, numerous thermal baths, saunas, a spa, a wave pool and water park—a family-friendly feature that appears to be present at several of its properties.
“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 US CEO John Alschuler said. “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.”
Alschuler and president and chief strategy officer Robert Hammond were integral to the development of the New York City High Line, a transformed historic freight rail line that has become a popular destination for locals and tourists alike. The elevated park offers a unique perspective of Manhattan’s West Side, featuring pop-up art, entertainment, gardens, treats and places to sit and unwind.
“With Therme US, we’re not simply creating a destination, we’re redefining urban well-being,” Hammond said. “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.”
The Georgetown Company is also securing third-party investments to support Therme Group’s vision and plans to make substantial investments in future Therme projects worldwide. Active developments are already underway in Dubai, Manchester, Frankfurt and Toronto, with two additional U.S. locations in discussion. Details are expected to be announced in the coming months, according to the companies.