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Equinox Fitness, the upscale chain of fitness centers and a subsidiary of Stephen Ross’ Related Companies, has bought out what was left of Millennium gyms for $110 million.
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The acquisition of six new locations includes Millennium’s Sports Club LA gyms in New York and four other cities, and the Reebok Sports Club NY Gym on the Upper West Side of Manhattan, which will all continue to operate under the Equinox brand name.
“This acquisition is a testament to the continued expansion of the Equinox brand as a global leader in luxury health and fitness and the growing demand for our unique offering, ” says Harvey Spevak, CEO of Equinox. “The acquisition of Sports Club/LA and the Reebok Sports Club/NY locations not only expands our geographical footprint, but also adds six desirable clubs to an existing collection of trophy properties. We look forward to integrating these clubs into our portfolio in order to best serve our current and future members.”
The move comes after Equinox bought half of Millennium’s gyms across the U.S., including Sports Club/LA four properties in Southern California and New York’s Rockefeller Center, in October 2011, for $130 million.
“Over the last three years, we have elevated the member experience at these clubs through an investment in strength and cardio equipment, extensive renovations, new signature classes and the roll out of trainer and instructor education, ” Equinox said in a statement.
The expansion brings Equinox’s total number of worldwide location to 73. In addition to America, it has branches in London and Toronto.
Equinox has declared that its new, long term vision is to offer a portfolio of “complementary fitness brands.” It brings in individual fees for these brands, from $25 to $200 a month.
The company has been expanding over recent years. In May 2011, Equinox acquired a majority interest in SoulCycle, a boutique cycling operator with 29 locations.
In 2008 Equinox established the first U.S. location of its Pure Yoga, which it calls “Asia’s premiere yoga studio, ” in New York City.
It also operates a less expansive chain of gyms called Blink Fitness which has been dubbed a “poor man’s Equinox, ” in 2011. It charges as little as $25 a month for membership dues and requires no annual fees.
