Equinox Secures $1.8B for Loans, Club Expansion
Fueled by record revenue growth and member engagement, the upscale brand is eyeing physical expansion and new programs
Luxury lifestyle and health club operator Equinox has secured approximately $1.8 billion in new capital to refinance maturing loans, fund general corporate purposes and build new clubs. The brand also secured a new revolving credit facility from Goldman Sachs, Morgan Stanley and J.P. Morgan.
Equinox reported a 27% revenue increase in 2023 and a record-high member engagement. In addition to its 107 global clubs, the brand has a pipeline of 25-plus new locations in the works across major markets while Equinox continues to explore domestic and international opportunities.
“We are seeing record performance in revenue growth and member engagement, which demonstrates our position as the global leader in high-performance luxury lifestyle,” said Harvey Spevak, executive chairman and managing partner of Equinox Group, which also encompasses Equinox Hotels, SoulCycle, Blink Fitness and E by Equinox.
Member engagement may be at an all-time high due in part to Equinox Circle, a member perks program that debuted last year and is rich with top-of-the-line brand partners such as Oura, Bezel, Thorne, Provenance and Blade.
“These new strategic investments from a group of world-class partners that share our vision for the Equinox brand will empower us to accelerate further growth through new club openings and new innovative offerings, as well as by scaling the Equinox luxury experience,” Spevak added.
The financing includes capital from a mix of new and existing investors led by Sixth Street and Silver Lake and includes investments from Ares Management, HPS Investment Partners, L Catterton and the principals of the Related Companies.
The luxury lifestyle and fitness brand bulked up its staff, hiring 5,000 fitness coaches as Equinox members expressed continued interest in personal training services. Similarly, Equinox is listening to the needs of its clients on weight loss medications such as Ozempic and Wegovy — or those who are interested in using GLP-1s, rolling out a personal training program designed for those on weight-loss drugs.
“The drugs work so well, but we felt like something really important was missing for our clients on them,” Equinox club coach Michael Crandall said of the new program. “Weight loss interventions should always be done with a training program to get the best results.”
Crandall is leading the new program, following Equinox’s introduction of a Health Advisory Board featuring medical and wellness experts designed to support the Equinox Fitness Training Institute, which offers accredited curriculum and board certification for performance coaches.
