The Well, a members-only club that focuses on health, has set its sights on Geneva as its first European base.
This is part of the company’s expansion drive in a fast-growing sector. According to a report by the Global Wellness Institute, the wellness industry will be worth $5.6 trillion in 2022, up from $4.93 trillion in 2019.
The Geneva property is scheduled to open in 2026 as a newly renovated hotel, offering stand-alone membership to people living and working in the Swiss city. Overlooking Lake Geneva, the approximately 20,000 square foot property features indoor and outdoor swimming pools and a landscaped terrace. Price has not yet been determined.
“Geneva is our first stop in Europe, but we will soon expand to London and other major European markets,” co-founder Kane Sirhan said exclusively. bloomberg About the announcement.
The brand launched in New York in 2019, offering services like $85 vitamin B12 infusions and $560 lifting facials to members and non-members in a 13,000-square-foot light-filled space. Monthly rates start at $355 and include unlimited movement classes, including yoga and strength training. Complimentary cold plunge and infrared sauna. Dedicated space for socializing and working.
Each member is paired with a health coach who can work one-on-one on issues such as nutrition, sleep, and how to deal with stress and anxiety. Well’s approach combines Western and Eastern medicine, with experts in sports medicine, Ayurveda, and acupuncture.
In 2020, the company pivoted from a purely membership-driven model and added real estate and hospitality partnerships as pandemic restrictions kept its flagship Manhattan space closed for more than a year.
“The pandemic has woken up a lot of people to the basics of health. That’s why we were able to expand while the whole world was shrinking,” Sirhan says. The former brand manager for one of Starwood Capital Group’s hotels said he started receiving inquiries from developers in the real estate industry about partnerships in the branded residence space.
“We’re just starting to get calls from former colleagues saying that people want to be healthy, but they don’t know how to do it,” he says. These discussions resulted in branded home partnerships, including a partnership with Miami-based real estate developer Terra.
Beth McGroarty, director of research at the Global Wellness Institute, said that as the pandemic forced many people to stay at home, there was an increased focus on creating communities and homes with wellness spaces. I agree that there is.
“The fastest growing market in the wellness space is homes and communities designed around wellness, so wellness is also part of this larger trend,” she says. “Wellness used to be all about travel, going somewhere for a week and falling off the wagon as soon as you got home,” McGroarty says. “These clubs allow you to have a resort-style program in your hometown.”
Rebecca Parekh, CEO of The Well and previously head of cross-product sales at Deutsche Bank, says Geneva makes sense as a first destination in Europe. . Geneva is the country’s international business capital and has a large number of medical professionals stationed in its facilities.
Flew Roberts, Euromonitor’s global head of luxury goods, says much of the wealth is concentrated in Geneva, where the world’s wealthy travel for work and pleasure. “The Swiss are also generally very concerned about their health and well-being, making it a destination full of wellness,” says Roberts.
Sarhan said the Geneva location will include a robust physical therapy program. “One thing he found when researching Geneva is that after February it’s called boot season, because everyone skis and gets injured,” he says. “That’s why people are walking around with broken boots. We’re researching new treatments like hyperbaric chambers and oxygen chambers to help people recover from their injuries.”
That focus is different from New York, where most clients’ main concern is dealing with stress, Parekh says. “Our community in New York is pretty well-versed in wellness,” she says. “But getting there is difficult. People in society are under immense pressure and don’t know where to start. That’s where our health coaches play a key role.”
The Well was a pioneer in the socially-driven wellness space when it opened in 2019, but competition has increased.
“A lot of clubs are opening up, and a lot of them are located for high-end consumers,” McGroarty says. “If you look at New York, there are so many wellness companies and clubs now, it’s amazing.”
Six blocks from The Well in New York City is Remedy Place, which offers members hyperbaric oxygen chambers, vitamin infusions, and functional medicine consultations. Continuum is set to open soon in Greenwich Village. It will use artificial intelligence to improve the health of its members, as well as float tanks, acupuncture, Himalayan salt saunas and massages. Aman New York features a 25,000-square-foot spa as well as his $200,000 membership and a fully functioning medical facility staffed by Ivy League-trained physicians.
McGroarty said The Well is primarily a way for people to socialize, work on health goals and meet others during what she calls the “loneliness epidemic” that has accompanied the surge in working from home. It is said to be a wellness and social club with space for
Euromonitor’s Roberts says more such clubs are likely to open in major financial capitals due to aging populations and health concerns.
“Most wealthy people in the world are in their late 40s, 50s and older,” Roberts explains. “As they get older, they’re starting to realize they need to take their health more seriously.” She says the wellness trend, with its luxury spas and membership clubs, is a great fit for this demographic of consumers. I say it’s very attractive. “Due to the pandemic, health has become our greatest asset.”
Co-founder Sirhan said The Well is focused on expansion in both the U.S. and Europe. The company has 12 locations in its pipeline, totaling up to 1 million square feet, under development. WellBay Harbor Islands in Miami is set to open next year as the first wellness club with branded residential and office space. Home prices start at $1.3 million, and more than half are sold.
Two more locations are planned for Miami. His second wellness club in Brickell has an opening date of 2026, and his Coconut Grove branded residence is scheduled for 2027. The Well views South Florida as a hot market due to the large number of new residents.
The Well also partners with hotels, currently working with the popular boutique hotel Auberge Resorts Collection to add wellness spaces to a resort in Costa Rica, Los Cabos, Mexico, and the Mayflower Inn in Connecticut. There is.
CEO Parekh said the company’s five years and the global pandemic just months after opening its doors have helped Well grow by showing people the importance of preventative health and wellness.
“I think a lot of people sometimes roll their eyes at wellness,” she says. “But it’s a very real need.”
Written by Sarah Rappaport
