Therme Group

What Therme Group does

Therme Group RHTG AG is a Vienna-headquartered global developer and operator of large-scale urban wellbeing destinations, founded around 2000 and currently employing 501–1,000 corporate staff with regional headquarters in London, Singapore, and New York. The company builds and operates year-round thermal bathing and wellness complexes that integrate thermal pools, saunas, water attractions, wellness treatments, botanical gardens, biophilic architecture, and cultural programming, targeting urban residents and tourists rather than luxury-only spa guests. Operating assets include Therme Bucharest (1.7 million annual visitors, Europe's largest spa centre), Therme Erding (Europe's largest thermal destination near Munich, acquired December 2024), and three German destinations (Euskirchen, Sinsheim, Titisee-Neustadt) integrated through the €1 billion Therme Horizon joint venture with CVC Capital Partners in December 2025, collectively serving approximately 5.3 million annual visitors post-integration.

The company's core technology stack comprises proprietary sustainable engineering: high-efficiency water recycling (90% reuse at Therme Dubai), ozone-based water treatment, biophilic double-curved roof architecture, and LEED Platinum / WELL Health-Safety rated operations supported by integrated engineering (Delta-X), botanics (Therme NAT), vertical farming (Therme IGE JV with IGS), and neurotechnology (Therme Mind JV with MindMaze). Revenue is generated primarily through visitor admission fees, food and beverage, wellness treatments, day passes, and on-site retail, with a B2C model anchored on millions of walk-in visitors per destination.

Go-to-market combines direct-to-consumer destination attendance with an enterprise field-sales motion that wins long-dated competitive tenders and municipal partnerships (Singapore Tourism Board S$1 billion, Ontario Place 99-year lease, DC Mayor Bowser partnership, Dubai Municipality, Incheon Free Economic Zone Authority). The company is in active build-out phase with development projects in Manchester (£250 million / €500 million), Dubai (Islands in the Sky, opening 2028), Singapore (Marina South, opening 2030), Korea–Incheon, Ontario Place, Dallas ($800 million), and Washington DC, alongside a target of approximately 10 large-scale US destinations under the Georgetown Company joint venture and continued European expansion under Therme Horizon.

Name

Therme Group

Legal name

Therme Group RHTG AG

Website

https://thermegroup.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Therme Group is a Vienna-based global developer and operator of large-scale urban wellbeing destinations that combine thermal pools, saunas, wellness treatments, biophilic design, and cultural programming, serving urban residents and tourists across operating sites in Romania and Germany with major development projects underway in the UK, Singapore, Dubai, Korea, Canada, and the US.

Ownership category

akta.pro rank

Product category

Thermal Wellness Destinations

NAICS

Accommodation (721)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Thermal Springs, Hot Springs & Thalassotherapy Resorts (THAGAMAE)

akta.pro secondary industries

Thermal Baths, Hot Springs & Saunas (Onsen, Hammams, Banya, Sauna Worlds) (THAJAHAD), Destination Spas & Spa Resorts (HSALAFAC), Hydrotherapy & Thermal Spa Services (Sauna/Steam/Hot Tubs) (HSALAFAF), Luxury Wellness & Spa Resorts (THAGACAG)

Keywords

• Urban wellbeing destinations
• Thermal spa resorts
• Wellness infrastructure
• Thermal bathing experiences
• Wellness development

Headquarters

HQ city

Vienna

HQ country

Austria

HQ region

Europe

Offices11 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Entry Fees and Admission: Therme Group generates primary revenue from visitor admission fees to its thermal wellbeing destinations. The company positions itself as accessible and affordable wellness for all, with price points designed to democratize wellness experiences rather than serve only affluent customers.
2. Food and Beverage Services: On-site restaurants and bars at each destination offer healthy, sustainably produced food and beverages to visitors, contributing to revenue while supporting the holistic wellbeing experience.
3. Wellness Treatments and Therapies: Individual therapy rooms and personalized wellness treatments including massages, Aufguss sauna rituals, and specialized therapies generate additional per-visit revenue from guests seeking enhanced wellness experiences.
4. Day Pass and Multi-Hour Session Tickets: Ticketed experiences like the Culture of Bathe-ing festival ($60-$125 for 2-hour sessions) demonstrate the company's event-based ticketing model for time-limited experiences.
5. Wellness Product Retail: Vertical farms at Therme destinations produce ingredients used in restaurants, bars, and skincare products, creating potential retail and product revenue streams.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Therme Group develops, owns, and operates large-scale urban thermal wellbeing destinations combining thermal pools, themed saunas, water attractions, wellness treatments, botanical gardens, immersive art installations, and on-site F&B. Destinations are designed to be affordable mass-market urban retreats serving millions of visitors annually, developed through competitive tenders with governments and operated under proprietary sustainability technologies including water recycling and ozone treatment.

Product overview

Therme Group operates as a global developer and operator of next-generation urban wellbeing destinations. The portfolio includes flagship operating destinations (Therme Bucharest, Therme Erding, Wund destinations), major development projects spanning multiple continents (Manchester, Dubai, Singapore, Korea, Canada, US), and specialist subsidiaries (Therme One Health, Therme Art, Therme Mind, Therme NAT, Therme IGE, Delta-X engineering, Impact One). The core offering combines thermal pools, wellness treatments, water attractions, botanical gardens, immersive art, and nature-based experiences designed for accessibility and affordability. The Therme Horizon joint venture with CVC Capital Partners manages the European platform.

Differentiator

Problem solved

Functional benefit

Brands

• Therme: The primary commercial brand for Therme Group's urban wellbeing destinations worldwide, offering thermal pools, saunas, water attractions, wellness treatments, and botanical environments.
• Therme Art
• Therme Mind
• Therme One Health
• Therme Forum
• Therme COGITO Research Partnership
• Therme Horizon
• Therme IGE
• Therme Ventures

Products and services

• Therme Bucharest Flagship thermal wellbeing destination in Bucharest, Romania, featuring indoor and outdoor pools, waterslides, themed saunas, wellness treatments, restaurants, and botanical gardens under a glass dome. Largest spa centre in Europe, welcoming 1.7 million visitors annually.
• Therme Erding Europe's largest thermal wellbeing destination near Munich, Germany, acquired by Therme Group in December 2024. Serves as the world's largest wellbeing infrastructure platform with over 3.5 million annual visitors.
• Therme Euskirchen, Sinsheim, and Titisee-Neustadt (Wund Portfolio) Three German thermal wellbeing destinations acquired from the Josef Wund Foundation in December 2025 and integrated into the Therme Horizon platform. Serve communities across Germany with thermal pools, wellness treatments, and family facilities.
• Therme Manchester UK's first city-based wellbeing resort in Greater Manchester, a £250 million (€500 million) project spanning 28 acres featuring thermal pools, botanical gardens, water experiences, fitness and wellness spaces, immersive digital art, and an urban farm. PwC estimates £4.5 billion contribution to UK economy.
• Therme Dubai - Islands in the Sky Revolutionary 500,000 square foot urban oasis in Zabeel Park, Dubai, featuring a 100-meter-tall structure with botanical gardens suspended in the air, stacked terraces, and cascading thermal pools. Designed by Diller Scofidio + Renfro, expected to attract 1.7 million visitors annually.
• Therme Singapore S$1 billion, 720,000 sq ft seven-storey wellness attraction in Marina South featuring over 20 pools, 70+ wellness treatment rooms, water slides, and botanical landscapes. Expected to attract 2 million visitors annually when fully operational in 2030.
• Therme Korea - Incheon World-class wellbeing resort in Songdo International Business District, Incheon, South Korea. Spans approximately 99,041 square meters across two commercial land parcels, featuring botanical gardens with 1,700+ palm trees and 800,000 plants, ozone water treatment, and glass dome architecture.
• Therme Canada - Ontario Place Family-friendly destination at Ontario Place, Toronto featuring indoor/outdoor pools, waterslides, wave pool, natural relaxation spaces, sports performance and recovery services, botanical gardens, and affordable wellness therapies. CAD $350 million investment.
• Therme DC Health and wellbeing destination at Poplar Point in Washington D.C., Ward 8. Part of 70-acre new park development, expected to generate $1.5 billion in tax revenue over 25 years and create thousands of jobs.
• Therme Dallas First US wellness resort in Dallas, Texas, as part of $800 million development including water park, hotel, and wellness facilities. Construction possibly beginning as soon as 2030.
• Therme Scotland (Glasgow) Approximately £100 million, 320,000 sq ft wellbeing destination in Glasgow on waterfront site near Riverside Museum, featuring next-generation indoor water park, extensive thermal pools, spa, health and wellbeing centre, and vertical farm.
• Therme Frankfurt (Bad Vilbel) Germany's largest wellbeing resort in Bad Vilbel, part of the Frankfurt Rhein-Main metropolitan area, featuring hundreds of water-based activities, wellness treatments, art, nature, technology, 30+ waterslides, and biodiverse ecosystem with 1,800+ palm trees. LEED Platinum certified.
• Therme Art International cultural initiative supporting art and architecture programs, partnerships with Serpentine Galleries, Venice Biennale, Manchester International Festival, and immersive art installations across Therme destinations. Includes Therme Forum, Wellbeing Culture Forum, and Serpentine Pavilion acquisitions.
• Therme Mind Joint venture with MindMaze (neuroscience pioneer) creating MYND neurotechnology that uses brain restoration and learning technology adapted for mental and physical wellbeing experiences in architecture, design, and art projects.
• Therme IGE Vertical Farming Joint venture with IGS (Intelligent Growth Solutions) for sustainable vertical farms at Therme destinations. Uses 80% less water and 400% increased space efficiency compared to traditional agriculture, supplying on-site restaurants, bars, and skincare products.
• Therme VR Tour Virtual reality tour experience of Therme destinations, allowing prospective visitors to explore facilities remotely before visiting.

Quantifiable outcome

• 2 million annual visitors expected at Therme Singapore with half from overseas, supporting Singapore's Tourism 2040 strategy
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators19 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Six Senses: Operator of luxury wellness resorts globally with integrated spa, thermal, and longevity programming; competes directly with Therme Group in the high-end urban and resort wellness destination category.
• Aman Resorts: Ultra-luxury hotel and resort operator with branded spa and wellness destinations; shares Therme's positioning of wellness as the central proposition rather than an amenity, and serves a similar ultra-premium customer base.
• Banyan Tree Group: Global hospitality group with integrated spa and wellness resorts across Asia, the Middle East, and Europe; competes with Therme in destination wellness experiences and large-scale integrated resort development.
• Canyon Ranch: Pioneer of the US destination wellness resort model with multiple properties focused on spa, fitness, and holistic health; directly comparable to Therme in operating integrated wellness destinations at scale.
• Caldea: Large-scale thermal spa and wellness destination in Andorra with over 3 million annual visitors; closest European analog to Therme Bucharest in combining thermal springs, saunas, and leisure in a single destination.
• Blue Lagoon Iceland: Iconic geothermal spa destination in Iceland combining thermal waters, wellness treatments, and hospitality; comparable to Therme in leveraging thermal water as a flagship wellness experience and tourism draw.

Broad incumbents

• Center Parcs (Pierre & Vacances): European operator of large-scale family wellness and short-break resort villages across forests; comparable to Therme in the integrated resort-with-water-and-wellness model and pan-European geographic footprint.

Regional players

• Thermen & Badewelt (Josef Wund Foundation): German thermal spa operator whose portfolio was fully acquired by Therme Group through the Therme Horizon JV; represents the legacy regional thermal spa model Therme is now consolidating in DACH.
• Ergün Holding / AQUA VENÜS: Turkish thermal spa and wellness operator with destination-scale facilities; comparable to Therme in scale of thermal destination development and serving wellness tourism in a regional market.

Emerging players

• HOSHINOYA / Hoshino Resorts: Japanese luxury resort operator with strong onsen (hot spring) and wellness heritage; shares Therme's emphasis on integrating nature, design, and wellness into the resort experience.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries20 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Therme Group