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Life Time Group Holdings, Inc. (LTH) reports developments tied to its healthy lifestyle and leisure business, including athletic country club openings, membership-driven operating results, and wellness services across the United States and Canada. Company updates commonly cover resort-style clubs, fitness and training programs, pickleball and tennis amenities, LifeSpa, LifeCafe, LifeClinic, Life Time Work, digital health offerings, and related residential or mixed-use club environments.
News also covers Life Time's capital actions and real estate strategy, including sale-leaseback transactions and share repurchases, as well as expansion of its athletic events portfolio. Recurring product and event themes include endurance races, local running communities, the LT Pro 48 pickleball, and foundation initiatives tied to health, community, and environmental programs.
Life Time (NYSE:LTH) is set to open its luxury living residences in Burlington, Mass., in Summer 2023. The five-story, 167-unit development will complement the existing Life Time Burlington athletic country club, creating a 13-acre healthy lifestyle village. Designed with a range of apartment styles, the development will offer access to extensive health and wellness amenities including pools, courts, and gourmet dining at Life Cafe. Unique Resident Concierge programming will enhance residents' experience with meal prep, personal training, and nutrition coaching. Previous Life Time Living locations opened in Coral Gables and Las Vegas, with another planned for Stamford this summer.
On March 20, 2023, Life Time (NYSE: LTH) announced its upcoming Ride of a Life Time charity cycling event scheduled for April 29. This initiative aims to combat the decline in children's health by raising $1.5 million to support Children's Miracle Network Hospitals and the Life Time Foundation. Participants can join the event virtually or at one of nearly 160 athletic clubs nationwide. The event has previously raised over $1.6 million since its start in 2021, with last year alone bringing in over $1 million.
Life Time has officially opened its latest location, Life Time Lakeshore-Irvine, in IRVINE, California
Spanning 94,000 square feet, this athletic country club is the third in Orange County and is designed to enhance the healthy lifestyle offerings to the local community. The club features six dedicated studios for over 100 weekly fitness classes, personalized training, and wellness services. It also includes a beach club with a pool, a basketball court, and facilities catering to families with children. The opening is expected to create 120 new jobs in the region.
Life Time Group Holdings reported robust financial results for Q4 and FY 2022, showing a marked revenue increase of 31.1% to $472.7 million in Q4 and 38.3% to $1.82 billion for the year. The company attributed this growth to increased memberships and center usage. Net income rose significantly to $13.7 million, compared to a loss of $304.8 million in Q4 2021. Adjusted EBITDA surged by 122.9% to $107 million in Q4. The company plans to open 10 new centers in 2023 and anticipates first-quarter revenue of $505-$510 million, reflecting a 29% increase year-over-year.
Life Time (NYSE: LTH) has launched a 50,000-square-foot luxury athletic country club in Scottsdale, Arizona, enhancing Macerich's redevelopment efforts at Scottsdale Fashion Square. This facility features a rooftop beach club, advanced fitness offerings, and exclusive amenities aimed at promoting a healthy lifestyle. With a total of seven locations in Arizona since entering the market in 2003, Life Time emphasizes high-end experiences in fitness and wellness. The new club includes state-of-the-art equipment, dedicated fitness studios, and a spa, catering to those seeking premium health and wellness options.
Life Time Group Holdings, Inc. (NYSE: LTH) announced the successful closing of a sale-leaseback transaction for $33 million as part of its ongoing strategy to execute $300 million in such transactions in 2023. The latest agreement involves a non-binding letter of intent for an additional $45 million sale-leaseback with an institutional investor, set to conclude by May 2023. The company's efforts are focused on leveraging proceeds from these transactions to foster growth opportunities and enhance its balance sheet.
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Life Time (NYSE: LTH) announced its exciting lineup for 2023, featuring over 25 athletic events including cycling, running, and triathlons across 11 states. New additions include the Little Sugar MTB, complementing the Big Sugar Gravel weekend. The Life Time Grand Prix presented by Mazda will showcase seven iconic gravel and mountain bike events, with a total prize purse of $250,000 for competing athletes. Events like the Chicago Half Marathon and Miami Marathon will also see participant engagement rise. These events enhance Life Time's mission to promote healthy living and community involvement.
On February 23, 2023, Life Time Group Holdings (NYSE: LTH) announced its participation in the BofA Securities 2023 Consumer & Retail Conference, scheduled for March 14-15, 2023, at Hotel South Beach, Miami Beach, Florida. Key leaders, including Founder and CEO Bahram Akradi and CFO Bob Houghton, will engage in a fireside chat on March 14 at 3:30 PM ET. Additionally, a tour and dinner will showcase the new Life Time Coral Gables development, featuring a luxury athletic club and premium coworking spaces. Interested investors can reserve spots through the Investor Relations team.
Life Time (NYSE: LTH) has unveiled Manhattan's first permanent indoor pickleball courts at Life Time Sky, a luxury athletic club. Officially opened on February 20, 2023, the facility boasts a 9,500-square-foot space, featuring two pickleball courts and an Alpha training area for strength and metabolic conditioning. Life Time continues its expansion in New York City, aiming to grow its pickleball presence, currently with nearly 500 courts nationwide and plans to exceed 1,000 by the end of 2024. The club provides open court time, classes, and advanced training led by top instructors, enhancing its offerings for health and fitness enthusiasts.