Minnesota’s Life Time Fitness, which already has one of its high-end health clubs in Roseville, opened a second one in Folsom on Thursday. Founder and CEO say Bahram Akradi described the facilities to me as a cross between an outdoor resort and a full-blown athletic country club.
“It has beautiful spas, beautiful pools, lots of programming for children, indoor and outdoor pools, swim lessons, everything you can possibly want,” Akradi. “There are even medical practices in these for chiropractic and physical therapists. We offer a full gamut of healthy living, healthy aging, healthy environment, nutrition, weight loss. With that, we look for markets with the more affluent customers who appreciates a Four Seasons or Ritz-Carlton style of programs and services.”
Akradi started Life Time Fitness in 1996 and took it public in 2004. But in 2015, Texas Pacific Group, LNK Partners and other private-equity investors offered $4 billion for the firm and took it private. Akradi rolled his equity stake into the new company and remained as the CEO.
He visited the Folsom club for the grand opening on Thursday, leading a spin class. The club, Life Time’s 123rd facility, is at 110 Healthy Way, though online maps still use the old address of 110 Serpa Way.
“We’re definitely a higher-priced facility in any market we go to,” Akradi said. “We don’t necessarily decide to be the highest priced, but we deliver a service and a program, a facility that requires us to charge what we charge to make things work. The customer we seek is the customer who has the ability to a) appreciate that, and b) can pay that.”
The company, based just outside the Twin Cities in Chanhassen, Minn., has about $2- to $2.5 billion worth of development in the works, Akradi said. Over the next 36 to 40 months, he said, Life Time expecst to open probably 40 more facilities at an average of about one a month.