Related pays $505m for Equinox fitness clubs.

Real Estate Weekly | December 7, 2005 | Copyright

The Related Companies paid $505 million to buy upscale fitness club operator, Equinox 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, chairman and CEO of The Related Companies.

Both companies will enjoy a number of key strategic ...

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