Related pays $505m for Equinox fitness clubs.The Related Companies paid $505 million to buy upscale fitness club operator, Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the Holdings, in partnership with Equinox Company Management. The sale is expected to close in January 2006. "Related is proud to be acquiring Equinox, a market leader with a broad portfolio of products, a strong customer-focused culture, a long history of profitability, clearly identified growth opportunities, and an extraordinary management team," stated Stephen M. Ross For other persons named Stephen Ross, see Stephen Ross (disambiguation). New York City-based real estate developer Stephen M. Ross is founder, chairman and CEO of The Related Companies, L.P. , chairman and 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 The Related Companies. Both companies will enjoy a number of key strategic opportunities from the partnership. Related will secure a well known brand as a quality anchor tenant for key current and future developments. This will also help Related to enhance the quality of its amenities and facilities available to residents. Equinox will leverage Related's real estate expertise and relationships to more efficiently secure sites, reducing its site identification and club development costs. Both firms will benefit from current national growth plans already underway in key urban centers. 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. In May 2005, Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. was appointed to the Equinox Board of Directors and at Time Warner Center The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City. Its design, by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill, consists of two 229 m (750 ft) towers bridged by a multi-story atrium containing upscale retail , Related serves as landlord to the flagship 40,000 s/f club and its innovative "E", a 6,000 s/f facility; the brand's sole invitation-only private gym. Related and Equinox already have a luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. project in the works together on the Upper West Side of Manhattan, where Equinox will operate a new 35,000 s/f club. Harvey Spevak will continue to lead Equinox as CEO and President and the current Equinox management team will remain intact. In December of 2000, North Castle Partners and J.W. Childs Associates partnered with Spevak and company management to acquire Equinox Holdings Inc. At that time, the company was a 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 centric business. Since then, Equinox has grown rapidly to become a nationally recognized lifestyle brand. Said Spevak, "Given [Related's] expertise in the development and management of real estate holdings, and focus on lifestyle, it will provide strategic value and facilitate the continued growth of the company." In this transaction, the buyer, Related, was represented by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. and Paul Hastings. |
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