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Press Release: The Sports Club Company
December 18, 2002
LOS ANGELES, CA -- The Sports Club Company, Inc. (AMEX:SCY) yesterday announced that it has reached an agreement
in principle with Millennium Partners to develop a The Sports Club/LA as part of the exclusive new Four Seasons
Hotel and Tower in Miami.
The new Club will be approximately 45,000 square feet and will feature over 30 different fitness and recreational
options under one roof, including a 10,000 square foot weight training gym overlooking a four story waterfall,
three group exercise studios, a 100 piece cardiovascular center with each piece featuring a personal TV, a flexibility
balance center, a Pilates studio, a REV group cycling studio and an extensive yoga/BodyMind program.
The Sports Club/LA will also feature a large, ultra luxurious destination cityspa offering a complete menu of traditional
and cutting edge spa services as well as a renowned hair salon. The Sports Club Company will manage the new club
pursuant to a management and license agreement that will provide it with 6% of gross revenues and a substantial
participation in net profits.
Rex Licklider, Co-CEO stated, "The Sports Club/LA - Miami will be a unique opportunity for the Company in
that we will manage the club for fees and a profit participation, without the need to invest capital. We have evolved
to this point as a result of the unprecedented success of our Clubs in Millennium Partners mixed-use projects in
Boston, Washington D.C. and San Francisco combined with the strong operating performance of our stand alone clubs
in New York and Los Angeles and the increasing strength of our brand."
Christopher Jeffries, managing partner of Millennium Partners stated, "The Sports Club Company is the premier
operator of sports and fitness complexes in the world and we know from previous experience that they bring great
value to our projects. We are excited to have them as participants in Miami."
The Sports Club Company, based in Los Angeles, California owns and operates luxury sports and fitness complexes
nationwide under the brand name The Sports Club/LA.
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Contact:
The Sports Club Company
Rex Licklider, Co-CEO
310/479-5200
Source: The Sports Club Company