Canyon Ranch, the upscale wellness club based in Fort Worth, RX, reported it secured an investment of $150 million from VICI, a New York-based real estate investment trust specializing in entertainment projects, to support expansion projects.
Canyon Ranch, headed by CEO Jeff Kuster, creates luxury resorts and wellness clubs. The company operates three resorts in Massachusetts, Arizona and California, with another under construction in Austin, TX.
Canyon Ranch plans to expand its operations nationwide, with VICI’s investment aiding its growth. The company aims to build resorts in Florida, the Pacific Northwest and the Southeast Atlantic by 2030.
The company has begun emphasizing wellness clubs, which provide similar services to the resorts—the company intends to open a wellness club in the Crescent-Fort Worth hotel later this year.
VICI’s first investment in Canyon Ranch was in October 2022, when it announced its commitment to providing development financing for the Canyon Ranch Austin resort, which is under construction and scheduled to open in 2025. VICI has invested in several high-profile entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.
“Over the last forty years, Canyon Ranch has been meeting people where they are in their pursuit of wellness. That may mean a relaxing, fun-filled weekend or a deep dive into something impactful and life-changing. With VICI’s support, we can broaden and deepen Canyon Ranch’s geographical and digital offerings and support more people than ever before,” said Kuster.
CEO of VICI Properties, Edward Pitoniak, said, “At VICI we seek to invest in experiential real estate centered on experiences benefitting from longer-term secular tailwinds. We believe wellness is one of the most powerful trends of our time, and Canyon Ranch is the global brand best positioned for capitalizing on the growing demand for wellness and life enhancement around the world.”
John Goff, chairman of Canyon Ranch, added, “We are thrilled to partner with the expertise and capital resources of VICI. This partnership offers Canyon Ranch the potential to accelerate our growth in an “asset light” manner, growing our reach and expertise. VICI shares our vision for growth and our confidence that the current environment is a compelling time to invest.”
Photo courtesy Canyon Ranch
