What Ten Thousand Waves does

Ten Thousand Waves is a privately-held, single-site Japanese-inspired spa resort founded in 1981 and located on 20 acres adjacent to the Santa Fe National Forest in Santa Fe, New Mexico, at 21 Ten Thousand Waves Way. The property integrates four operating businesses under one roof: (1) a bathing facility with 9 distinct private hot tub suites plus a 104°F communal Grand Bath and a Reserved Community Soaking option; (2) a 24-room therapy operation staffed by 75 massage therapists (each trained a minimum of 650 hours), with Signature Japanese Shiatsu developed under Japanese shiatsu master Masanori Uchida plus two facial lines; (3) Houses of the Moon, a 16-room ryokan-style lodging operation across four tiers (Zen, Townsman, Samurai, Emperor); and (4) Izanami, an upscale izakaya restaurant featuring what the company describes as the most extensive premium sake selection in North America.

The underlying technology of the bathing operation is a proprietary water purification architecture combining ultraviolet light, hydrogen peroxide, and ozone, with the full water content of each tub cycling through the system every twenty minutes, supplemented by weekly bacterial culture testing. Air handling is similarly engineered: MERV13 HVAC filtration, HEPA filtration in treatment rooms, UVC germicidal lighting in shared spaces and in-duct, and CO2-based ventilation monitoring for fresh-air exchange. Operational technology is generally SaaS procurement rather than proprietary build — Booker for spa bookings, ThinkReservations for lodging, OpenTable for restaurant reservations, and a separate e-commerce storefront (Floating World Store) for retail.

The business model is direct-to-consumer and transactional across six revenue streams: spa services ($89/person private tubs, $169-$249 massage and facial pricing), lodging (16 rooms with two-night minimum and tiered ADR), restaurant (à la carte plus a $29 three-course lunch, plus happy hour windows), retail (kimonos, sandals, massage oils, branded spa products), gift certificates (online and physical), and Japan Tours (curated, Deborah Fleig-led, capped at 18 guests). Distribution is omnichannel within a single geography — proprietary online booking, phone reservations, walk-ins, and third-party reservation platforms — with the Southwest U.S. as the served market and no public evidence of multi-site expansion, institutional capital, or M&A activity.

Name

Ten Thousand Waves

Legal name

Ten Thousand Waves

Website

https://tenthousandwaves.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

Ten Thousand Waves is a privately-held Japanese-inspired spa resort in Santa Fe, New Mexico, founded in 1981, integrating 16 lodging rooms, 9 private hot tub suites, a 75-therapist massage and facial operation, and the Izanami izakaya restaurant for tourism, wellness-seeking, and local clientele.

Ownership category

akta.pro rank

Product category

Wellness and Hospitality Resort

SIC

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

akta.pro primary industry

Destination Spas & Spa Resorts (HSALAFAC)

akta.pro secondary industries

Destination Spa Resorts (THAGAMAA), Thermal Baths, Hot Springs & Saunas (Onsen, Hammams, Banya, Sauna Worlds) (THAJAHAD), Luxury Wellness & Spa Resorts (THAGACAG)

Keywords

• Japanese spa resort
• Hot spring bathing
• Onsen-style accommodations
• Wellness and massage
• Izakaya dining

Headquarters

HQ city

Santa Fe

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Spa Services: Revenue from private hot tub suites ($89/person for 90 minutes), Reserved Community Soaking ($64/person), massage treatments ($229-$249 for 80 minutes), and facials ($169-$179 for 50 minutes). All spa services include complimentary Grand Bath access.
2. Lodging (Houses of the Moon): Overnight accommodations in 16 unique Japanese-inspired rooms ranging from Zen to Emperor tier. Rates are per night for single or double occupancy with additional guests at $60/person/night. Pet fee of $40/night. Two-night minimum stay required.
3. Restaurant (Izanami): Upscale izakaya dining with the most extensive selection of premium Japanese sake in North America. Revenue from food and beverage sales including lunch ($29 3-course special), dinner, sake, cocktails, and wine. Happy hour specials available 3-5pm and 9-10pm.
4. Retail (Online Store): E-commerce sales of Waves Products (spa products without mineral oil, alcohol, artificial colors or animal products), Waves Wear (kimonos, sandals), gift baskets, and massage oils. Sold through Floating World Store.
5. Gift Certificates: Gift certificates redeemable at spa, lodging, izanami restaurant, or for retail purchases. Sold online (emailed) or as physical swipe cards via Priority Mail.
6. Japan Tours: Curated tours to Japanese hot springs led by Deborah Fleig, one of fewer than 40 female master sake sommeliers in the world. Groups limited to 18 or less.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Ten Thousand Waves operates a Japanese-inspired spa resort combining nine private hot tub suites (plus a communal Grand Bath), five massage modalities and two skin care treatments, the Izanami izakaya restaurant, and the Houses of the Moon ryokan-style lodging with 16 rooms. All services are interconnected, with lodging guests receiving complimentary Grand Bath access, priority spa booking, and discounts on private tubs.

Product overview

Ten Thousand Waves is a Japanese-inspired spa resort offering a unified hospitality experience combining spa, dining, and lodging services. The core offerings include nine distinct hot tub suites (modeled after Japanese onsen) and a communal Grand Bath; five massage modalities and two skin care treatments; Izanami restaurant serving upscale izakaya fare with North America's largest artisanal sake selection; and Houses of the Moon with 16 unique lodging rooms across four tiers. All services are interconnected: lodging guests receive complimentary Grand Bath access, priority booking, and spa discounts; restaurant dining is available to day visitors and overnight guests; and all treatments can be booked independently. The resort also operates an online store, offers Japan hot spring tours, and maintains a rewards club for New Mexico residents.

Differentiator

Problem solved

Functional benefit

Products and services

• Hot Tub Suites Nine private Japanese-inspired bathing environments each featuring a hot tub, sauna, and private changing room, including Grand Bath, Ichiban, Kojiro, New Wave, Ofuro, Oyu, Shin Kobuta, Shoji, and Waterfall.
• Massage Services Bodywork treatments including Relax & Unwind, Targeted Therapeutic Bodywork, Signature Japanese Shiatsu (oil-free), Body and Sole foot-focused massage, and Hot Stone Massage.
• Skin Care Treatments Facial treatments including Signature Japanese Facial (organic with jade rollers) and Myofascial Massage Facial (natural facelift with lymph drainage and gua sha).
• Izanami Restaurant Upscale Japanese izakaya restaurant serving small plates with the most extensive selection of premium Japanese sake in North America, wagyu beef specialties, and ishaki hot stone cooking. Open for lunch and dinner with happy hour.
• Houses of the Moon Lodging Japanese ryokan-inspired overnight accommodation with 16 unique rooms across four tiers (Zen, Townsman, Samurai, Emperor). Includes complimentary Grand Bath access, priority spa booking, and 20% discount on private tubs. Pet-friendly options available.
• Grand Bath Communal bathing facility accommodating up to 18 guests, featuring an outdoor tile pool at 104°F, sunning decks, cold plunge, and sauna. Available to lodging, skin care, and massage guests.
• Reserved Community Soaking Affordable communal bathing held twice daily Sunday through Thursday at Shin Kobuta. Limited to 10 guests per session with expansive hot tub, sauna, and cold plunge.
• Ten Thousand Waves Online Store E-commerce store offering Waves Products (bathhouse-specific products), Waves Wear (kimonos and sandals), gift baskets, and massage oil for home use.

Quantifiable outcome

• Water passes through full sanitation cycle every 20 minutes
• +1 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• Morgan RanchminorOthersNebraska ranch that pioneered cross-breeding American cattle with Japanese wagyu gene stock. Morgan Ranch is the first and remains the best purveyor of American wagyu beef, which Ten Thousand Waves sources for izanami restaurant's wagyu burgers, steak bento boxes, and nightly wagyu specials.
• Sachi OrganicsminorOthersMattress supplier providing Sachi Organics beds for all 16 lodging rooms across all room tiers (Zen, Townsman, Samurai, and Emperor categories).
• OpenTableminorChannel Partner/ Reseller/ DistributorRestaurant reservation platform partner for izanami dining. OpenTable 2024 badge displayed on website indicating recognition for restaurant booking performance.
• Deep Dive Sake School / Russ KingminorStrategic or Co-development PartnerSake education partnership. Russ King, founder of Deep Dive Sake School, leads monthly sake tasting events at izanami on the second Sunday of each month, teaching guests about Japanese sake with pairings from the restaurant.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Castle Hot Springs: A hot springs resort in Morristown, Arizona combining natural thermal pools, spa services, farm-to-table dining, and overnight casitas. Comparable thermal-water-driven destination resort with integrated spa, dining, and lodging model.
• Cal-a-Vie Health Spa: A boutique destination spa and wellness retreat in Vista, California combining fitness, spa, cuisine, and on-property lodging. Comparable upscale destination spa model with integrated lodging and spa pricing structure.
• Mii amo at Enchantment Resort: A destination spa resort in Sedona, Arizona, offering integrated spa, massage, dining, and lodging experiences targeted at affluent wellness travelers. Comparable integrated destination spa model and Southwestern U.S. target guest profile.
• Two Bunch Palms Spa Resort: A hot springs resort and spa in Desert Hot Springs, California offering mineral pools, spa treatments, dining, and casita-style lodging. Comparable hot springs + spa + lodging destination resort experience in the Western U.S.
• Miraval Arizona Resort & Spa: A destination spa resort in Tucson, Arizona, operating spa, wellness, dining, and overnight accommodations as a comprehensive wellness experience. Comparable destination spa pricing tiers and immersive multi-day wellness guest model.
• Ojo Santa Fe Spa Resort: Hot springs resort located near Santa Fe, NM, offering private and communal pools, spa treatments, and lodging. Direct local peer operating a similar thermal-water, spa-plus-lodging destination resort model in the same regional market.
• Glen Ivy Hot Springs: A historic day-spa hot springs resort in Corona, California with multiple soaking pools, spa treatments, and wellness amenities. Comparable thermal-water destination spa offering day and overnight visitors a full thermal bathing and treatment experience.
• AIRE Ancient Baths: Multi-location operator of experiential thermal bathhouses inspired by ancient bathing traditions, with multiple U.S. and European sites offering communal and private soaking, massage, and rituals. Direct peer in the immersive, ritual-driven thermal bathing experience category that closely mirrors Ten Thousand Waves' Japanese onsen approach.

Broad incumbents

• Canyon Ranch: Established multi-location destination health resort operator with locations in Tucson and Lenox, offering spa, wellness programs, fitness, dining, and lodging. Larger incumbent in the same destination spa category with broader programming.

Regional players

• Sunrise Springs Spa Resort: A destination spa resort in Santa Fe, New Mexico offering spa services, overnight lodging, and dining in the Southwest. Regional peer operating in the same local market with a comparable integrated destination spa resort model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/10kwaves
• Xx.com/10000wavesskin
• LinkedInlinkedin.com/company/ten-thousand-waves

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Ten Thousand Waves