Gold’s Gym Posts Best Quarter for Franchise Development in Its History

As Gold’s Gym International, Dallas, seeks a buyer, it has experienced a record-setting third quarter, the largest for franchise development in company history, the company announced.

The global franchise celebrated nine international openings: four in India, two in Japan, two in Saudi Arabia and one in Trinidad and Tobago, according to a media release from the company.

It also renewed master franchise agreements for Saudi Arabia with commitments to add 50 locations in the next 20 years and United Arab Emirates with commitments to add 10 units in 10 years, including a new location in Bahrain. The company also signed a new master franchise agreement to enter Turkey with a 25-unit development plan.

In addition, Gold's Gym celebrated one domestic grand opening in Chantilly, Virginia, and signed franchise agreements for multiple locations across three states in the United States: a three-unit development agreement in West Texas; the conversion of a gym in Loveland, Colorado; and development of a location across the street from the Daytona Speedway in Daytona Beach, Florida.

Gold's Gym also held its annual global convention in Las Vegas in July.

In July, Gold's Gym's owners, TRT Holdings Inc., announced that it was seeking a buyer for the company. The private equity firm has owned Gold's Gym since 2004 and plans to focus on its core business of running hotels, in particular, the Omni Hotels and Resorts. TRT Holdings has retained Piper Jaffray & Co. to conduct the sales process.  

The company anticipates further development in the fourth quarter and will hold an International Summit in Dubai in November.

"Our franchise network continues to expand and thrive as we extend our proven business model across the globe with the support of additional sophisticated investors,” Ken Phipps, director of global franchising development for Gold's Gym, said in the media release.