Millennium buys $65m chunk of The Sports Club Company.A subsidiary of Millennium Partners announced that it has signed a binding asset purchase agreement with The Sports Club A sports club, athletics club or sports association is an eclectic institution oriented to multiple sports, which fields many teams and has varied sports departments in several sports, working under the same umbrella organization. Company, Inc. for seven of the company's luxury sports clubs (six of which are company owned and the seventh, the Miami club, is managed) for $65 million. The properties are located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (Upper East Side, Upper West Side and Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. ), Boston, San Francisco, Miami and Washington D.C. The Sports Club Company has thirty days to elect to retain The Sports Club/LA--New York at Rockefeller Center which would result in an upward adjustment in the sales price. Millennium Partners, through its affiliates, is already the largest shareholder in The Sports Club Company and has long been active in the fitness industry. The Sports Club Company's fitness facilities have helped anchor five luxury mixed-use complexes developed by Millennium Partners around the country, four of them in partnership with The Ritz-Carlton Hotel Company
The Ritz-Carlton Hotel Company is the parent company to the luxury hotel chain, Ritz-Carlton Hotels. or Four Seasons Hotels and Resorts The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. . Millennium Partners will bring significant capital to the new organization to enhance the existing facilities and implement new programs at the clubs. Christopher M. Jeffries, principal and founding partner of Millennium Partners, stated "We are delighted to have the opportunity to acquire these special assets of The Sports Club Company. From day one, we have supported the vision of Sports Club's facilities as urban resorts. The Sports Club Company's clubs have always been known for their broad range of services, luxurious facilities, and five-star amenities. We intend to build on this foundation, including expansions of the clubs in San Francisco, Washington and Boston. "The remaining clubs will also receive significant capital investments to update their look and feel. Most importantly, however, we will create a dedicated Mind/Body Center within each club, which will allow us to dramatically expand our yoga and pilates programs. Finally, this special set of assets will also provide a great platform to grow from given our dominant position in several highly desirable urban markets." Millennium Partners has hired Dr. Art Curtis, a senior athletic club industry executive with over 25 years of experience, to serve as the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Millennium's new sports club operating company operating company A business that engages in transactions with outsiders. that will be based in Boston, MA. Joining him is Smaiyra M. Million, who will serve as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Ms. Million is currently Vice President, Eastern Regional Manager for The Sports Club Company Millennium has also hired Nicholas R. Winter to serve as Managing Director, Private Equity at Millennium. |
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