Equinox charges $300 a month for a gym membership. And people pay it. Gladly. The company turned fitness from a chore into a luxury experience. Eucalyptus towels, Kiehl's products in the locker rooms, personal training that costs more per hour than most lawyers, and a clientele that treats the gym like a private club. With 100+ locations, a luxury hotel brand (Equinox Hotels), and SoulCycle spinning studios, Equinox proved that if you make working out feel like a privilege, wealthy people will never cancel their membership. Ever.
Founded
1991
HQ
New York, USA
Total Raised
$1.8 billion (total debt and equity)
Founder
Harvey Spevak (CEO), Vito Errico (original)
Status
Private
Website
www.equinox.comTHE ORIGIN STORY
Vito Errico opened the first Equinox gym on Manhattan's Upper West Side in 1991. The concept was simple but radical for the time: a gym that didn't feel like a gym.
No fluorescent lighting. No peeling rubber floors.
Instead, clean design, high-end amenities, and a members-only atmosphere.
Harvey Spevak joined later and became CEO, scaling the concept into a global luxury fitness brand. The Equinox experience was designed to make members feel like they were joining a club, not just buying a gym membership.
The Related Companies, a major real estate developer led by billionaire Stephen Ross, became the majority owner and provided capital for expansion.
WHAT THEY ACTUALLY DO
Premium membership subscriptions ranging from $200 to $500+ per month depending on location and tier. Personal training sessions at $100-300+ per hour.
Group fitness classes included with membership.
Equinox Hotels extends the brand into luxury hospitality. SoulCycle (majority owned by Equinox) charges $30-40 per spinning class.
Equinox+ is the digital fitness subscription.
The high membership price is the business model. It filters for high-income members who don't cancel during recessions and who spend on ancillary services.
THE PRODUCTS
Equinox fitness clubs with world-class equipment, group fitness, and personal training. Equinox Hotels in New York, Houston, and other cities, combining luxury hospitality with in-hotel fitness facilities.
SoulCycle boutique cycling studios. Equinox+ digital fitness platform.
The Equinox app for class booking, workout tracking, and membership management.
HOW THEY GREW
Equinox grew by opening in the wealthiest neighborhoods of the wealthiest cities. Manhattan first, then San Francisco, LA, Chicago, London, Toronto.
Every location is in a premium real estate spot.
The brand strategy is aspirational. Equinox doesn't compete with Planet Fitness or LA Fitness.
It competes with luxury experiences: fine dining, designer fashion, premium hotels. The fitness is almost secondary to the lifestyle.
SoulCycle's acquisition in 2011 added boutique fitness to the portfolio. Equinox Hotels, launched in 2019, extended the brand into 24/7 luxury living.
THE HARD PART
COVID was devastating for luxury gyms. Members couldn't use facilities for months.
Equinox offered freezes and digital content but couldn't replicate the in-person experience online.
Debt is significant. The expansion into hotels and the SoulCycle acquisition required heavy borrowing.
Equinox has reportedly carried over $1 billion in debt.
SoulCycle's decline has been a problem. The brand lost momentum post-COVID as members shifted to Peloton, Apple Fitness+, and competing boutique studios.
Several SoulCycle locations have closed.
MONEY TRAIL
Growth Capital
2016 · Led by L Catterton
$500M raised
Debt Financing
2019 · Led by Various lenders
$1.0B raised
WHO BACKED THEM
Equinox is majority owned by The Related Companies, the real estate development firm run by billionaire Stephen Ross. The company has raised significant debt financing.
L Catterton (LVMH's private equity arm) and other luxury-focused investors have also participated.
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