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Canyon Ranch to Receive Additional $150 Million Investment in Growth Partnership with VICI Properties

Published: 2023-07-27 13:00:00 ET

The long-term partnership powers the expansion of Canyon Ranch to new markets for both its Wellness Club and Destination Resort Offerings

NEW YORK, July 27, 2023 /PRNewswire/ --Canyon Ranch, a pioneer in destination wellness, today announced the Canyon Ranch–VICI Growth Partnership with VICI Properties (NYSE: VICI) ("VICI Properties"), an experiential focused real estate investment trust, aiming to expand the reach of Canyon Ranch's integrative wellness offerings across North America and beyond. The announcement comes as Canyon Ranch sets its sights on Texas as the first location to debut both a destination resort and Canyon Ranch Wellness Clubs within one market. The inaugural Wellness Club opens this fall in Fort Worth, with a Houston location in the summer of 2024, and the Canyon Ranch Austin resort opens in 2025.

The fundamental purpose of the partnership is to add additional destination resort locations and wellness clubs in major urban markets and expand Canyon Ranch's digital capabilities. This "ecosystem" reflects the brand's core value of guiding people towards a well way of life.

The Canyon Ranch Ecosystem creates a reinforcing network of resorts, clubs, and digital experiences where guests can continue to deepen their engagement in a well way of life. The Canyon Ranch Austin development will be located on a beautiful hill country ranch on the shores of Lake Travis and is designed by Lake / Flato Architects. Additionally, the two Canyon Ranch Wellness Clubs in development in Fort Worth and Houston will be membership-based only. They will include state-of-the-art fitness, luxurious spa facilities, lounges and coworking spaces, lectures, and events, all with a community of like-minded peers.

"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," notes Jeff Kuster, CEO of Canyon Ranch.

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."

VICI's first investment in Canyon Ranch occurred in October 2022 when it announced its commitment to providing development financing for the Canyon Ranch Austin resort, which has begun construction and is scheduled to open in 2025.

About Canyon RanchCanyon Ranch is a pioneer in wellness guidance with over four decades of experience inspiring guests to pursue a lifetime of well-being. A visit to a Canyon Ranch Resort is unique for each guest and can be different every time they come by accessing a selection of over 1,500 services drawing from ancient wisdom and modern technology. Guided by world-class experts who integrate services across a broad range of disciplines – including nutrition, sports & performance, spa, mental health, spirituality, and more – our guests gain personal insight, skills, and motivation that leads to true transformation long after their stay. The value of visiting Canyon Ranch goes well beyond our warm hospitality, luxurious spas, nutritious cuisine, and awe-inspiring destinations located in Tucson, Arizona; Lenox, Massachusetts; Woodside, California and Las Vegas, Nevada. For more information, visit www.canyonranch.com.

About VICI Properties VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties' national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs, and sportsbooks. Its properties are leased to industry-leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch, and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

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SOURCE Canyon Ranch

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