What France Thermes does

France Thermes is a privately held French group, founded in 2009 and headquartered in Paris (5 rue Sextius Michel, 75015), that operates, finances, and manages a portfolio of five destination thermal spa resorts across France: b'o resort in Bagnoles de l'Orne (Normandy), Aïga Resort in Châtel-Guyon (Auvergne-Rhône-Alpes), Vy Resort in Vichy, Selya Resort in Salies-de-Béarn (Nouvelle-Aquitaine), and Thermes de Vittel (Grand Est). The group's core proposition integrates conventional thermal cures (covered by French social security for conditions including rheumatology, phlebology, gynecology, digestive disorders, and urology), non-conventioned wellness and spa treatments, integrated lodging ranging from 3-star residences to the 5-star Célestins Spa Thermal & Hôtel, and on-site dining venues into single destination resorts. Underlying assets include natural mineral water resources, purpose-built thermal facilities (e.g., the €35M Aïga Resort opened in 2020), and licensed Vichy Célestins operations in Morocco (Fès and Casablanca).

The group generates revenue through six streams: conventional thermal cures (social-security reimbursed, recurring), spa and wellness services (one-time service purchases), hotel and accommodation (3-star to 5-star), restaurant and dining, corporate events and seminars, and health prevention programs. Go-to-market combines direct-to-consumer digital booking via individual resort websites and telephone reservations, event-driven B2B sales for corporate seminars and retreats, and sales-led prescription-driven bookings for conventioned cures. Distribution is further extended via international licensing. The group is backed by specialized growth investment funds, with Caisse des Dépôts holding a 49% minority stake in the real estate subsidiary France Thermes Immobilier. President Sylvain Serafini leads the organization alongside a management team covering distribution, real estate development, and HR functions.

Name

France Thermes

Legal name

France Thermes Holding

Website

https://france-thermes.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

France Thermes operates five destination thermal spa resorts across France, integrating social-security-covered medical thermal cures, wellness treatments, accommodations, and dining under brands including b'o, Aïga, Vy, and Selya Resorts.

Ownership category

akta.pro rank

Product category

Thermal Spa Resorts and Health Tourism

NAICS

Accommodation (721), All Other Traveler Accommodation (721199)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Destination Spa Resorts (THAGAMAA)

akta.pro secondary industries

Luxury Wellness & Spa Resorts (THAGACAG), Thermal Baths, Hot Springs & Saunas (Onsen, Hammams, Banya, Sauna Worlds) (THAJAHAD), Spa & Massage Services (Day Spas, Massage Studios, Treatment Packages) (THAJAHAC)

Keywords

• Thermal spa resorts
• Integrative thermal medicine
• Wellness hospitality
• Destination health resorts
• Preventive health tourism

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Conventional Thermal Cures: Social security-covered thermal cure treatments prescribed by physicians for conditions including rheumatology, phlebology, gynecology, digestive disorders, and urinary conditions. Revenue generated through conventioned cure sessions with patient co-payments and social security reimbursements.
2. Spa and Wellness Services: Non-conventioned wellness and spa treatments offered at all resort locations, including massages, aesthetic treatments, and relaxation services. One-time service purchases at individual resort spas.
3. Hotel and Accommodation: Integrated lodging at resort properties including b'o resort cottages (4-star), Aïga Resort residences (4-star), and various hotel offerings at Vy Resort Vichy locations, including the 5-star Célestins Spa Thermal Hôtel.
4. Restaurant and Dining: On-site dining at resort restaurants including Brasserie Les Dômes, Bar Le Blue Note, N3 restaurant, and various resort dining establishments offering nutrition and health-focused cuisine.
5. Corporate Events and Seminars: Group and seminar hosting for corporate clients and associations at resort properties, offering team-building activities, professional event spaces, and integrated wellness experiences.
6. Health Prevention Programs: Preventive health programs and specialized treatments such as Selya Resort's thermal programs for women's health, complementing conventional thermal medicine offerings.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

France Thermes operates and manages a portfolio of five Resort Thermal & Spa destinations across France, delivering integrated thermal medicine, social security-covered conventional thermal cures, preventive health programs, wellness and spa treatments, accommodations (3- to 5-star), and health-focused dining at single locations. The group also licenses the Vichy Célestins brand internationally (Morocco).

Product overview

France Thermes operates a portfolio of five Resort Thermal & Spa properties across France, offering integrated thermal spa experiences that combine conventional thermal cures (cures thermales conventionnées) with wellness treatments, accommodation, and dining services. The group's resorts include b'o resort (Bagnoles de l'Orne), Aïga Resort (Châtel-Guyon), Vy Resort (Vichy), Selya Resort (Salies-de-Béarn), and Thermes de Vittel. The company also manages related hotel accommodations (Mercure Vichy Thermalia, Hôtel Ibis Vichy, residences) and restaurants (Brasserie Les Dômes, Bar Le Blue Note, N3 restaurant). France Thermes positions itself as a leader in integrative health tourism, offering services spanning medical thermal care, preventive health, spa treatments, hospitality, and nutrition.

Differentiator

Problem solved

Functional benefit

Products and services

• b'o resort thermal & spa

Quantifiable outcome

• Over 15 years of operational experience in thermal resort development and management
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• L'OréalminorStrategic or Co-development PartnerL'Oréal is listed as a partner contributing to the well-being vision of France Thermes resorts, aligned with the company's integrative health approach.
• Laboratoires VICHYcoreStrategic or Co-development PartnerLaboratoires VICHY is a key partner contributing to the Vichy resort ecosystem, with Vichy brand heritage and expertise in skin care and dermatological products integrated into spa offerings.
• Pastille VichyminorOthersVichy-based brand partner contributing to the territorial attachment and local brand ecosystem of Vichy resort operations.
• Sources ALMAcoreStrategic or Co-development PartnerSociété commerciale d'eaux minérales du bassin de Vichy (ALMA Sources) provides commercial water mineral services from the Vichy basin, supporting the Vichy resort ecosystem with natural mineral water resources essential to thermal operations.
• PoméolminorStrategic or Co-development PartnerWellness product partner contributing to spa and well-being service offerings at resort locations.
• La Mutuelle VerteminorOthersHealth insurance partner providing complementary health coverage options for resort customers, supporting the integrative health approach.
• estime&sensminorOthersPartner aligned with the company's wellness and well-being vision, contributing to the holistic health approach.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Terme di Saturnia: Luxury thermal resort and spa in Tuscany, Italy, combining natural hot springs, hotel accommodation, wellness programs, and golf. Directly comparable destination thermal spa resort targeting wellness-seeking travelers with similar premium positioning.
• Brenners Park-Hotel & Spa: Luxury wellness resort in Baden-Baden, Germany, combining five-star accommodation with thermal spa facilities, medical wellness, and destination tourism positioning. Comparable luxury European thermal wellness resort.
• QC Terme: Italian thermal spa chain operating multiple wellness spa resorts across Italy, with a similar integrated hospitality-plus-thermal model targeting wellness consumers and day visitors. Closest direct competitor in the European thermal resort category.
• Thermes de Spa (Belgium): Belgium's premier thermal spa complex in Spa, offering thermal baths, wellness treatments, and accommodation in a single integrated destination. Comparable European thermal destination resort with medical/wellness heritage.
• Caldea Spa & Wellness: Large thermal spa and wellness complex in Andorra offering thermal baths, spa treatments, and integrated hotel facilities. Comparable destination thermal wellness resort targeting both day visitors and multi-day guests.

Broad incumbents

• Accor Hotels: Global hospitality leader operating extensive luxury and upscale hotel portfolio including wellness-focused brands (Raffles, Sofitel, MGallery). Operates some of France Thermes' hotel franchises (Mercure, Ibis) while also competing for upscale wellness travelers.
• Compagnie des Alpes: Leading French tourism operator managing ski resorts, leisure parks, and destination properties. Comparable as a French destination tourism operator, though focused on mountain/leisure rather than thermal wellness.
• Club Med: Global all-inclusive resort operator with growing wellness resort portfolio (including French mountain and beach resorts). Comparable integrated hospitality-plus-wellness model at broader scale with international reach.

Emerging players

• Les Sources de Caudalíe: Luxury French wine-themed wellness hotel and spa near Bordeaux offering vinotherapy spa treatments, health programs, and gastronomy. Comparable French boutique wellness destination positioning with integrative health ethos.

Regional players

• Thermes Marins de Saint-Malo: French thalassotherapy and spa resort in Brittany offering seawater-based treatments, wellness programs, and accommodation. Comparable French regional destination wellness resort competing for similar wellness tourism customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/france-thermes

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about France Thermes