The Related Companies, L.P., whose rental arm, Related is landlord to thousands of New Yorkers, [announced] yesterday that it was buying Equinox Holdings Inc. - the owner and operator of upscale fitness clubs in NYC, LA, Chicago, SF and South Florida. The sale is expected to close in January 2006.
The justification for this transaction is contained within the press release:
Related and Equinox have historically shared similar visions. Both companies are known for their commitment to lifestyle, service, innovation and design, and have a passionate following amongst dedicated upscale consumers. The companies' respective customers have similar demographic and psychographic profiles and both foster fiercely loyal clientele who are passionate about their brands.Interestingly, Related is the landlord of at least one of the Equinox gyms in New York.
Related has redefined the residential marketplace, created the benchmark for sophisticated urban living and has been committed to quality fitness facilities in its buildings since the mid-eighties. Since its inception 15 years ago, Equinox has been widely recognized for being an industry innovator and for delivering an unparalleled fitness experience.