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GlobeSt.com UPDATE: $80M Sports Club Deal Closes

NEW YORK CITY-Millennium Partners plans to invest approximately $20 million to update several of the clubs. The six properties are in San Francisco, Miami, Washington, DC, and two in New York City, with one on the Upper West Side and the other on the Upper East Side.

By Melissa Kress | Updated on January 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-A subsidiary of Millennium Partners has closed on its acquisition of six sports clubs from the Sports Club Co. for $80 million. Prior to the transaction, Millennium Partners was the largest shareholder in the Sports Club Co. GlobeSt.com reported the bid in November.The deal, originally tagged at $65 million, includes five sports clubs that the Sports Club owned and a sixth, in Miami, which the company managed. The properties are in Boston, San Francisco, Miami, Washington, DC and two in New York City, on the Upper East Side and the Upper West Side. When Millennium first went public with the deal it said the Sports Club Co. had 30 days to elect to retain the Sports Club/LA-New York at Rockefeller Center, which would have resulted in an upward adjustment in the sales price. Locally headquartered Millennium Partners could not be reached for clarification on this point.Millennium Partners now plans to look into expansion opportunities and invest capital into current locations. “From day one, we have supported the vision of Sports Club’s facilities as urban resorts,” says Christopher M. Jeffries, principal and founding partner of Millennium Partners, in statement. “Over the coming months we will be building on this foundation, including expansions of the clubs in San Francisco, Washington and Boston. We will also be launching a significant capital investment program in excess of $20 million to update the look and feel of the remaining clubs. Most importantly, however, we will create a dedicated Mind/Body Center within each club.”Millennium Partners hired Dr. Art Curtis to serve as the CEO of Millennium’s new sports club operating company that will be based in Boston. Smaiyra M. Million will serve as chief operating officer and Nicholas R. Winter will serve as managing director, Private Equity at Millennium.

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