Termas de Chaves

What Termas de Chaves does

Termas de Chaves, legally operating as Gestão de Equipamentos Municipais de Chaves - Termas de Chaves (NIPC 506695018), is a municipally owned thermal spa and wellness center headquartered in Chaves, in northern Portugal's Trás-os-Montes region. The company is built around a fixed natural resource — bicarbonate-rich thermal water emerging at 76°C from hot springs in Chaves — which it channels into two core service lines. The first is therapeutic thermalism, providing medically indicated treatments for musculoskeletal, respiratory, and digestive conditions, with access partially reimbursed through Portugal's National Health Service (SNS) and private health insurers including AdvanceCare, Multicare, and Generali. The second is wellness and leisure, anchored by the outdoor Aquae Salutem Thermal Complex and a portfolio of 1- to 6-day Aquae-branded programs (Vitality, Energy, Sportive, Relax, Duo, Purify, Balance, Detox, Reaffirm, and the Shape Programme) priced from €5 to €206 per program, with seasonal high/low pricing. Adjacent services include podology, nutrition consultations (notably with staff nutritionist Filipe Ferreira), and a subscription-based Aquae Ativo thermal club at €37/month.

The company monetizes through a hybrid model: one-time payments for treatments and programs, a recurring monthly membership, and an e-commerce channel (loja.termasdechaves.com) selling the proprietary Thermal Aquae dermocosmetic line (moisturizers, micellar water, hair spray, exfoliating soaps) and gift vouchers. GTM is predominantly direct-to-consumer via the website, on-site reception, and a multi-channel presence (Instagram, Facebook, LinkedIn, TripAdvisor, email newsletter). Distribution is augmented by 13+ regional hotel partners offering bundled Aquae City, Aquae Break, and Aquae Feel wellness packages, and by healthcare protocol agreements that channel insured members into therapeutic treatments. The company also targets niche segments including N2 National Road travelers and Eurocidade Chaves-Verín cross-border residents.

Name

Termas de Chaves

Legal name

Gestão de Equipamentos Municipais de Chaves - Termas de Chaves

Website

https://termasdechaves.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Termas de Chaves is a municipally owned thermal spa and wellness center in Chaves, Portugal, built around a natural 76°C bicarbonate-rich hot spring. It serves therapeutic patients (musculoskeletal, respiratory, digestive), wellness visitors, families, and N2 road-trip tourists via on-site programs, a dermocosmetic line, and hotel and healthcare protocol partners.

Ownership category

akta.pro rank

Product category

Thermal Spa and Wellness Services

NAICS

Other Personal Care Services (81219), Health and Personal Care Retailers (4561)

SIC

Perfumes, Cosmetics & Other Toilet Preparations (2844)

akta.pro primary industry

Spa & Massage Services (Day Spas, Massage Studios, Treatment Packages) (THAJAHAC)

akta.pro secondary industries

Spa Packages & Ritual Experiences (HSALAFAN), Hammam & Turkish Bath Services (HSALAFAG), Hot Springs, Lagoons & Water-Based Wellness (Thermal Pools, Floating Spas) (THAJAJAN), Spa Body Wraps & Cocoon Treatments (HSALAFAD)

Keywords

• Thermal spa services
• Therapeutic thermalism
• Wellness programs
• Dermocosmetic products
• Hydrotherapy treatments

Headquarters

HQ city

Chaves

HQ country

Portugal

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Therapeutic Thermal Treatments: Medical thermal treatments for musculoskeletal, respiratory, and digestive conditions offered seasonally with varying prices for high/low seasons
2. Wellness and Spa Services: Day passes, programs, and treatments at the Aquae Salutem Thermal Complex and wellness center, including massage, hydrotherapy, and pool access
3. Aquae Ativo Thermal Club Membership: Monthly membership providing access to sauna, Turkish bath, thermal pool, and hydrogymnastics for 37 euros per month
4. Dermocosmetic Products: Online sales of Thermal Aquae dermocosmetic line including moisturizers, micellar water, hair spray, and soaps
5. Short Duration Programs: Multi-day wellness programs (1-6 days) combining various thermal treatments, starting from 200 euros for the 6-day Shape Program

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Termas de Chaves is a thermal spa and wellness center in northern Portugal that provides medically indicated thermal treatments for musculoskeletal, respiratory, and digestive conditions, alongside a portfolio of day and multi-day wellness programs using naturally hot (76°C) bicarbonate-rich Flaviense mineral water. The offering is anchored by the Aquae Salutem outdoor thermal complex, the Aquae Active Thermal Club membership, podology and nutrition consultations, and the proprietary Aquae Thermal Dermocosmetic skincare line sold through its own e-commerce store.

Product overview

Termas de Chaves is a thermal spa complex in northern Portugal offering a comprehensive portfolio of thermal wellness and therapeutic services. The core offering consists of therapeutic thermalism treatments for musculoskeletal, airway, and digestive conditions at the main thermal bath facility, complemented by the outdoor Aquae Salutem Thermal Complex for open-air wellness experiences. The product portfolio includes multiple 1-3 day Aquae wellness programs (Vitality, Energy, Sportive, Relax, Duo, Purify, Balance, Detox, Reaffirm), specialized Shape and N2 road-trip programs, plus a dedicated Aquae Active Thermal Club membership. Adjacent services include podology and nutrition consultations. A consumer products line (Aquae Thermal Dermocosmetic Line) offers skincare items infused with thermal water. All services and products are accessible via an e-commerce online store platform.

Differentiator

Problem solved

Functional benefit

Brands

• Aquae: Wellness and thermal programs brand including Aquae Vitality, Aquae Energy, Aquae Sportive, Aquae Relax, Aquae Duo, Aquae Purify, Aquae Balance, Aquae Detox, and Aquae Reaffirm
• Aquae Salutem Thermal Complex
• Thermal Aquae Dermocosmetic Line
• Aquae Ativo (AQUAE ATIVO)
• Aquae Active Thermal Club

Products and services

• Therapeutic Thermalism Medical thermal treatments for musculoskeletal conditions (arthritis, rheumatism, joint pain), airway conditions (sinusitis, rhinitis), and digestive conditions (gastritis). Includes therapeutic indications, thermal techniques, and short thermal programs administered by clinical staff with seasonal pricing.
• Aquae Salutem Thermal Complex Outdoor thermal complex combining tradition and modernity, offering open-air wellness experiences using Flaviense thermal water. Features pools, hydromassage, and wellness experiences in a natural setting.
• Aquae Vitality 1-day wellness program including Pool Immersion, Jet Shower, and Partial Massage. Duration: 1h05.
• Aquae Energy 1-day energy program including Sauna or Turkish Bath, Hydropressotherapy, and Massage Shower. Duration: 1h00.
• Aquae Sportive 1-day sports program with Pool Immersion, Jet Shower, and Partial Sports Massage. Duration: 1h20.
• Aquae Relax 1-day relaxation program including Steam Chamber, Bathtub Immersion with Hydromassage, and General Massage. Duration: 1h15.
• Aquae Duo 2-person wellness program for couples with shared thermal experiences. Duration: 1h15.
• Aquae Purify 2-day purifying program: Day 1 includes Steam Chamber and Body Exfoliation and Hydration; Day 2 includes Pool Immersion and Jet Shower.
• Aquae Balance 2-day balance program: Day 1 includes Steam Chamber, General Massage, Sauna or Turkish Bath; Day 2 includes Bathtub Immersion with Hydromassage and Massage Shower.
• Aquae Detox 3-day detoxifying program: Day 1 (Steam Chamber + General Massage), Day 2 (Sauna/Turkish Bath + Hydromassage + Massage Shower), Day 3 (Pool Immersion + Body Exfoliation and Hydration).
• Aquae Reaffirm 3-day firming program: Day 1 (Hydropressotherapy + Jet Shower + Firming Massage), Day 2 (Steam Chamber + Jet Shower + Body Exfoliation), Day 3 (Hydromassage + Jet Shower + Lymphatic Drainage).
• Shape Programme 6-day shaping program including Hydropinics, 3 Jet Shower sessions, 3 Hydropressotherapy sessions, 3 Lymphatic Drainage sessions, and 6 Sauna sessions. Designed for lifestyle change and fitness.
• N2 Arrival Program Special program for N2 road travelers arriving in Chaves, including Sauna, Bathtub with Hydromassage, and Steam Bath. Duration: 2h00.
• N2 Departure Program Special program for N2 road travelers departing from Chaves, including Turkish Bath and Massage Shower. Duration: 1h45.
• Aquae Active Thermal Club Thermal fitness club offering regular exercise facilities combined with thermal water benefits. Includes Sauna, Turkish Bath, Thermal Pool, and Hydrogymnastics. Monthly membership: 37 EUR. Open Monday-Friday 19h00-21h00 and Saturday 18h00-20h00.
• Aquae Thermal Dermocosmetic Line Skincare product line containing Flaviense Thermal Water. Includes Hand Cream, Face Cream, Body Moisturizer, Foot Moisturizer, Firming Body Lotion, Hydrating Soap, Exfoliating Soap, Micellar Water, and Hair Spray.
• Podology Services Podiatry center diagnosing and treating foot diseases including foot pain, nail alterations, skin changes, wounds, and odor issues.
• Nutrition Services Nutrition center specializing in food disorder conditions offering consultations with nutritionist Filipe Ferreira. Includes summer walks in Chaves municipality.
• Termas de Chaves Online Store E-commerce platform for purchasing spa vouchers, thermal complex entries, dermocosmetic products, short-duration programs, and merchandise. Supports Multibanco, MBWay, VISA, and Mastercard payments.

Quantifiable outcome

• 18% increase in visitors compared to 2023
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

19 partnerships are on record, tiered core and minor.

• AdvanceCarecoreChannel Partner/ Reseller/ DistributorHealth insurance provider offering discounted thermal treatments to policyholders through protocol agreement
• MulticarecoreChannel Partner/ Reseller/ DistributorHealth insurance provider offering discounted thermal treatments to policyholders through protocol agreement
• GeneralicoreChannel Partner/ Reseller/ DistributorInsurance company offering discounted thermal treatments to policyholders through protocol agreement
• National Health Service (SNS)coreChannel Partner/ Reseller/ DistributorPortuguese national health service maintaining co-payment/reimbursement for thermal treatments for citizens
• Eurocidade Chaves-VerínminorGTM or Marketing PartnerCross-border region partnership offering special discounts for residents and natural spa-goers from the Chaves-Verín Eurocity area
• Hotel CastelominorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Hotel Rural Casas NovasminorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Casa de Campo da Vinha VelhaminorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Casa da PonteminorGTM or Marketing PartnerRegional accommodation partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Hospedaria FlorindaminorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Primavera Perfume HotelminorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• AD/DAIA Alojamento LocalminorGTM or Marketing PartnerRegional accommodation partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Solar de OuraminorGTM or Marketing PartnerRegional hotel partner for Aquae City, Aquae Break, and Aquae Feel wellness packages
• Forte São FranciscominorGTM or Marketing PartnerRegional accommodation partner for Aquae wellness packages
• Casa Grande do SeixominorGTM or Marketing PartnerRegional accommodation partner for Aquae wellness packages
• Hotel PetrusminorGTM or Marketing PartnerRegional hotel partner for Aquae wellness packages
• Ester Guest HouseminorGTM or Marketing PartnerRegional guest house partner for Aquae wellness packages
• FlavitoursminorGTM or Marketing PartnerRegional tourism operator partner for Aquae wellness packages
• Ideias EssenciaisminorGTM or Marketing PartnerRegional partner for Aquae wellness packages

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Six Senses Spa: Global luxury hospitality brand with extensive spa and wellness resort portfolio offering thermal/wellness programming — a broader incumbent with overlapping wellness proposition and global brand reach.
• Therme Erding: One of the world's largest thermal spa complexes near Munich, Germany, offering wellness, sauna, and aquatic experiences — comparable thermal-water-driven wellness proposition but at significantly larger scale and broader consumer positioning.

Direct peers

• SHA Wellness Clinic: Spanish medical-wellness clinic combining nutrition, detox, and therapeutic treatments in a premium resort setting — highly comparable in combining clinical health programs with wellness tourism on the Iberian Peninsula.
• AIRE Ancient Baths: International day-spa chain built around thermal water experiences (baths, massages, wellness rituals) in restored historic buildings — directly comparable consumer-facing thermal wellness model with multi-city presence that contrasts with Termas de Chaves' single-site approach.
• Termas de São Pedro do Sul: Portugal's largest and most historic thermal spa complex, offering therapeutic thermalism, wellness programs, and hotel accommodations using bicarbonate-rich thermal water — the closest direct comparison to Termas de Chaves in terms of service mix and target customer.
• Caldas da Rainha (Termas): Portuguese thermal spa offering therapeutic thermalism with hospital partnership integration and wellness services — comparable operating model blending medical thermalism with consumer wellness, similar to Termas de Chaves.
• Termas de Luso: Historic Portuguese thermal spa in central Portugal offering therapeutic treatments for musculoskeletal, respiratory, and digestive conditions with wellness day programs — directly comparable service portfolio and pricing tier to Termas de Chaves.
• Thermes de Saint-Gervais Mont-Blanc: French thermal spa combining therapeutic treatments covered by French social security with wellness day passes and a dermocosmetic line — directly mirrors Termas de Chaves' therapeutic-plus-wellness-plus-cosmetics model.

Emerging players

• Palazzo Fiuggi: Italian luxury medical-spa in Fiuggi combining therapeutic thermal waters, detox programs, and clinical wellness at a higher price tier — comparable thermal-water wellness clinic format targeting an overlapping premium European clientele.

Regional players

• Thermalbad & Spa Zürich: Premium urban thermal spa complex in Switzerland combining thermal pools, sauna, and wellness treatments — comparable thermal-wellness facility model with overlapping service mix but operating in a different geographic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/termasdechaves
• LinkedInlinkedin.com/company/termasdechaves
• Instagraminstagram.com/termasdechaves

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Termas de Chaves