Harbour Island Athletic Club in Tampa and Atlanta's Athletic Club Northeast to Become Life Time Athletic Country Clubs

Rhea-AI Summary

Life Time (NYSE: LTH) has announced the signing of new and extended long-term leases with RMR Group for two athletic clubs: Harbour Island Athletic Club in Tampa, Florida, and Athletic Club Northeast in Atlanta, Georgia. Both clubs, which closed earlier this year, are set to reopen as Life Time athletic country clubs, offering a full range of health and wellness programs. Life Time aims to enhance its footprint in these markets with this expansion, leveraging over 30 years of experience in developing large-scale athletic destinations. Currently, Life Time operates four locations in Florida and several in Georgia, with plans to open a new venue in Pinecrest, Miami later this summer. Further details regarding membership opportunities and opening timelines will be revealed in due course.

Positive

• Expansion into Tampa and Atlanta markets with new athletic country clubs.
• Reopening of previously closed clubs, enhancing local health and wellness offerings.
• Life Time's established history of successful large-scale developments.

Negative

• None.

CHANHASSEN, Minn., April 7, 2023 /PRNewswire/ -- Life Time (NYSE: LTH), the nation's premier healthy lifestyle brand, today announced it has entered into new and extended long-term leases with RMR Group for the Harbour Island Athletic Club in Tampa, Fla. and Atlanta's Athletic Club Northeast in North Druid Hills. Both clubs closed earlier this year will reopen as Life Time athletic country clubs in the coming months, offering Life Time's comprehensive array Healthy Way of Life programs and services for everyone seeking healthy, active lives. Additional details were not disclosed. Information on timing, membership opportunities and a wait list for both locations will be provided as they become available.

"Life Time has a more than 30-year track record of building and operating large-scale, resort-like destinations including greenfield sites, mall redevelopments, and vertical residential projects – as well as capital-light growth opportunities through strategic acquisitions such as this," said Parham Javaheri, Life Time Chief Property Development Officer. "We've worked closely with The RMR Group and L&L Holding Group on these types of projects in the past, and this was a terrific opportunity to expand Life Time's presence in the Tampa and Atlanta markets with additional athletic country clubs and elevated experiences."

Tampa Mayor Jane Castor said, "Life Time is a huge and exciting win for Harbour Island, downtown, and all of Tampa. Our community thrives on health and wellness, and this new healthy lifestyle destination will offer something for everyone."

Life Time entered the Florida market in 2006 with Life Time Boca Raton. Today, the company operates four locations, including Boca Raton, Coral Gables, Tampa and West Palm Beach. Later this summer, a new destination also will open in Pinecrest, located in the greater Miami market.

The first Life Time in Georgia opened in 2006 in Alpharetta and the Company now operates destinations in Johns Creek, Peachtree Corners, Sandy Springs, Sugarloaf and Woodstock. In December 2022, Life Time expanded its presence with an athletic country club destination and its premium Life Time Work coworking space at Phipps Plaza in Buckhead. A second Atlanta-based Life Time Work opened in Sandy Springs in September 2022.

For more information about Life Time, visit www.lifetime.life or follow on social media at Facebook, Instagram and Twitter.

About Life Time^®
Life Time (NYSE: LTH) empowers people to live healthy, happy lives through its portfolio of more than 160 athletic country clubs across the United States and Canada. The Company's healthy way of life communities and ecosystem address all aspects of healthy living, healthy aging and healthy entertainment for people 90 days to 90+ years old. Supported by a team of more than 34,000 dedicated professionals, Life Time is committed to providing the best programs and experiences through its clubs, iconic athletic events and comprehensive digital platform.

 

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SOURCE Life Time, Inc.

FAQ

What recent lease agreements did Life Time (LTH) announce?

Life Time announced new and extended long-term leases for the Harbour Island Athletic Club in Tampa and Athletic Club Northeast in Atlanta.

When will the Harbour Island Athletic Club in Tampa reopen?

The Harbour Island Athletic Club in Tampa is set to reopen in the coming months, with specific timing yet to be disclosed.

What services will the reopened clubs offer?

The reopened clubs will offer Life Time's comprehensive array of Healthy Way of Life programs and services.

How many locations does Life Time operate in Florida?

Life Time currently operates four locations in Florida and has plans to open a new destination in Pinecrest, Miami this summer.