Therme Group RHTG AG is an international developer, owner, and operator of large-scale wellbeing destinations that combine thermal bathing, spa and sauna facilities, wellness, cultural programming and sustainable architecture.[1] Headquartered in Vienna, the company operates some of Europe's largest thermal facilities and is currently expanding into North America, Asia, and the Middle East[2][3]
Therme Group was founded in 2011 in Austria.[4][5] In 2017, the Austrian industrial holding A-HEAT Allied Heat Exchange Technology AG, which already held a minority stake in Therme Bucharest, acquired a 51% interest in the company to support international expansion.[6] That same year, Therme Group established several subsidiaries, including Therme ARC GmbH, which carries forward the architectural vision of the late Josef Wund.[7] Wund, who passed away in 2017, had been a major influence on the design of Therme Erding and Therme Bucharest.[8]
Palms in Romanian water park Therme Bucarest
The company transitioned to a joint-stock corporation (AG) in 2017 and began pursuing growth in new markets. In 2019, Therme entered a research partnership with the University of Glasgow’s COGITO group to study the psychological impact of thermal environments on wellbeing.[9]
By 2020, the majority shareholder of Therme Group RHTG AG had become RHTG Holding GmbH, controlled by Therme founder and CEO Robert Constantin Hanea. A-HEAT retained a 19% minority interest with ongoing financial commitments.[10]
In 2023, Therme partnered with the University of Surrey and the UK government to co-develop digital tools that measure the carbon footprint of tourism assets, including a blockchain-based "carbon tokenomics" model.[11]
In 2024, Therme acquired Therme Erding, previously operated by the Wund family, consolidating its position as operator of two of Europe’s most visited thermal resorts. The acquisition was backed by €320 million in new financing,[12] received from Macquarie Capital’s Principal Finance team with its own equity.[13][14]
In February 2025, Therme Group announced two additional investments to support global expansion. It formed a joint venture with the New York-based Georgetown Company, which acquired a 25% stake in its U.S. business.[15] Separately, asset manager Sculptor Real Estate committed up to €245 million to fully fund the development of Therme Manchester. The company reported that these investments support over $1.5 billion in planned development across the United States.[16]
Later in 2025, Therme formed a €1.25 billion joint venture with CVC Capital Partners, named Therme Horizon, focused on European growth and co-developing Therme Manchester.[16]
Investments and ownership structure
Therme Group is majority-owned by RHTG Holding GmbH, led by CEO Robert Hanea. A-HEAT Allied Heat Exchange Technology AG holds a 19% stake.[17]The company has raised funding from institutional partners, including a strategic joint venture with CVC Capital Partners.[16] Its financing model combines real estate investment, infrastructure funding, and long-term operational management.
Locations
Therme Bucharest (Romania)
Opened in 2016, Therme Bucharest is one of the largest indoor wellness centers in Europe, with thermal pools, saunas, botanical gardens, and spa facilities.[18] It was the first LEED Platinum-certified wellness facility in the world, and receives over 1.2 million visitors annually.[19]
Therme Bucuresti
Therme Erding (Germany)
Acquired in 2024, Therme Erding is the world’s largest indoor thermal resort.[20] It includes multiple themed areas, wave pools, and over 30 saunas, attracting more than 2 million visitors each year.[21]
Therme Bad Vilbel (Germany)
Located near Frankfurt, Therme Bad Vilbel will feature thermal bathing, wellness zones, restaurants, and green parkland. The design emphasizes sustainability and urban integration.[22]
Therme Manchester (United Kingdom)
Planned as one of the UK’s largest wellbeing attractions, Therme Manchester received planning approval in 2020 following public consultation. The £400million[23] facility is backed by Therme Horizon, the CVC joint venture. It has been described by local officials as a “transformative cultural and wellness hub.”[2][16]
Therme Erding
Therme Canada, Ontario Place (Toronto)
In partnership with the Ontario government, Therme is developing a C$700 million wellness destination at Ontario Place.[24] The project includes thermal baths, indoor and outdoor attractions, and 16 acres of public parkland[25] co-designed with the Mississaugas of the Credit First Nation and will remain free to access.[26] It has faced public scrutiny and political debate since its announcement in 2021.[24] In April 2025, the New York Times published an investigation into Therme Group’s involvement in the Ontario Place redevelopment[27] and reported that Therme may have inflated its credentials and incorrectly claimed to have the required 100 million CAD equity to meet the province's bid requirements.[28] The report raised questions about the company’s financial qualifications, transparency of the public tender process, and political oversight.[27] Criticism has also focused on the balance between public and private space in the Ontario Place plans.[29] In December 2024, the Auditor General of Ontario criticized the Therme Canada project on the Toronto waterfront as opaque and unfair and that the Therme Group had included information about "Therme" projects that it did not control in its bid. In response, Ontario Premier Doug Ford and Minister of Infrastructure Kinga Surma defended the selection, citing due diligence.[30] A subsequent report from Ontario’s Auditor General confirmed that Therme met the province’s net worth threshold and lease requirements.[30]
Therme Washington, DC (USA)
A large-scale wellbeing destination is planned for Poplar Point along the Anacostia River. The site is intended to support community recreation and sustainable tourism in the U.S. capital.[31]
Therme Dallas (USA)
Announced in 2025, Therme Dallas will be located in North Texas and is expected to open in the late 2020s. The facility will combine spa infrastructure with art, nature, and hospitality elements.[32]
Therme Dubai (UAE)
Revealed in 2025, Therme Dubai will be located in the Zabeel Park development. The design draws inspiration from the desert landscape and includes cutting-edge architectural features for heat mitigation and sustainability.[33]
Therme Incheon (South Korea)
Therme signed a memorandum of understanding with South Korean officials to develop a wellness complex in Incheon.The facility is expected to blend traditional bathing cultures with contemporary spa architecture.[34][8]
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