Therme Group and Georgetown Company forge JV to power US wellbeing destination rollout
– Robert Hammond
Global developer and wellbeing destination operator Therme Group has formed a joint venture (JV) with The Georgetown Company – a leading developer and owner of commercial, retail and mixed-use properties – to accelerate its US expansion.
The partnership establishes Georgetown as Therme US’ exclusive development partner and a financial stakeholder, acquiring a 25 per cent equity stake in Therme US from Therme Group.
The collaboration is a key step in Therme’s mission to bring large-scale urban wellbeing destinations to key US cities.
Modelled after its existing facilities in Germany and Romania, the JV plans to deliver 10 projects, each spanning approximately 500,000sq ft, over the coming years.
“Cities thrive when they invest in places that bring people together,” said John Alschuler, CEO of Therme US. “This 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.”
Impactful development
Georgetown brings decades of experience in large-scale urban development, with a portfolio that includes NYC’s IAC Building, LA’s Paramount Studios redevelopment and Washington DC’s Four Seasons Residences.
Beyond development, the firm will also leverage its extensive global finance network to attract third-party investment and ensure Therme’s ambitious vision becomes a reality.
Alongside mobilising external capital, Georgetown is making substantial investments in future Therme projects worldwide.
With active developments in Dubai, Manchester, Frankfurt and Toronto, Therme and Georgetown are advancing plans for two additional US locations, with details to be announced soon.
Together, these projects represent US$1.5 billion (€1.4 billion, £1.2 billion) in development costs.
Blending nature, technology and communityTherme US is spearheaded by Alschuler and president and chief strategy officer Robert Hammond, both known for their meaningful work on community-forward projects including New York’s High Line.
Their approach emphasises innovative design and meaningful community engagement, ensuring that Therme destinations are not just entertainment hubs, but integral parts of the urban fabric.
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 centres 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.”
Each Therme US location will feature a fusion of thermal bathing, relaxation and entertainment, with thermal pools, saunas, mineral baths, lush greenery, waterslides, swim-up bars and diverse dining options.
Designed as immersive urban retreats, the spaces will offer a blend of nature, technology and community, to set a new standard for wellbeing in the modern city.
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