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
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
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
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, Chief Strategy Officer of Therme US
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.