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Therme Group
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. 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.
Therme Group was founded in 2011 in Austria. 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. That same year, Therme Group established several subsidiaries, including Therme ARC GmbH, which carries forward the architectural vision of the late Josef Wund. Wund, who died in 2017, had been a major influence on the design of Therme Erding and Therme Bucharest.
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.
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.
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.
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, received from Macquarie Capital’s Principal Finance team with its own equity.
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. 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.
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.
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Therme Group
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. 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.
Therme Group was founded in 2011 in Austria. 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. That same year, Therme Group established several subsidiaries, including Therme ARC GmbH, which carries forward the architectural vision of the late Josef Wund. Wund, who died in 2017, had been a major influence on the design of Therme Erding and Therme Bucharest.
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.
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.
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.
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, received from Macquarie Capital’s Principal Finance team with its own equity.
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. 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.
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.