Season 7 of the No Cap podcast continues with Jeff Weinhaus, President and Chief Development Officer at Equinox.
Jeff has been with Equinox since 2006 and leads the company’s global real estate development, design, and expansion strategy. Over nearly two decades, he has helped scale Equinox into one of the most recognizable brands in fitness, hospitality, and lifestyle real estate.
Jack Stone and Alex Gornik sit down with Jeff to discuss how Equinox chooses locations, why the company prioritizes adaptive reuse projects, how wellness became a lifestyle category, and why branded residences and hotels are becoming a major focus for the company.
Conversation Highlights
Alex: Anytime we talk to a landlord, they say they want an “Equinox-level gym” or “Equinox-level amenity.”
Jeff Weinhaus: That was part of the original vision, creating a brand that people recognized nationally even when we were only in New York. The founders understood luxury, lifestyle, and community before most fitness brands did, and they created something people genuinely wanted to be associated with long before wellness became mainstream.
Jack: What was Equinox like when you first joined?
Jeff: It was still a very entrepreneurial family business with five or six locations. Harvey Spivak came in to professionalize the company, but he was also very visionary and fearless, which became a huge part of the growth story. I originally came in as outside counsel, but over time I became more integrated into the business because it was such a fascinating company to work with.
We tested California first because the New York-LA connection felt like the smartest move.
Alex: Why start in Pasadena instead of going straight into Beverly Hills or Santa Monica?
Jeff: We wanted to learn the market first before opening a flagship location. Once that worked, we started expanding into major cities while staying disciplined about where we went next. Our strategy has always been about building density in the best markets while adding new cities carefully and methodically.
The discussion then shifted toward the real estate side of the business and how Equinox evaluates locations.
Jack: What’s the secret sauce when you’re looking at real estate?
Jeff: The foundation is being disciplined about finding great locations in great projects with the right demographics and density. But above that, we try to find spaces with character and personality instead of generic boxes. Some of our best clubs came from adaptive reuse projects where the building itself already had a story and identity before we even entered it.
Alex: Like the Domino Sugar Factory project in Brooklyn?
Jeff: Exactly. That was one of the most interesting projects we’ve done. We’ve also built clubs inside old bank buildings, the former Pacific Stock Exchange in San Francisco, and historic spaces in London. Those projects feel unique because they already carry history and energy that you can’t recreate in a standard development.
Jack: How much of choosing a location is instinct versus data?
Jeff: In markets like New York or LA, it’s heavily data-driven because we know where members live, work, and travel. But when you enter a new market like Nashville, it becomes much more about understanding the energy and rhythm of the city. If we don’t know a market like we live there, we probably shouldn’t be doing deals there.
I try to find that sweet spot where both sides walk away feeling like the deal was fair.
Alex: Has that relationship-driven approach helped during difficult moments?
Jeff: Absolutely. During the pandemic, every landlord we called worked with us because we had spent years being good partners and paying rent on time. We never tried to take advantage of people during negotiations, and those relationships mattered when things became difficult for everybody.
Later in the conversation, the focus turned toward hospitality and the Equinox Hotel at Hudson Yards.
Jack: The Equinox Hotel might be the best sleep experience I’ve ever had.
Jeff: We became obsessed with optimizing sleep. Cold, dark, and quiet became the entire philosophy behind the rooms, and there’s a surprising amount of science behind getting that right. We wanted the experience to feel restorative in the same way our clubs do, not just luxurious.
Alex: Are more Equinox hotels coming?
Jeff: Definitely. We’re actively looking in markets like Los Angeles, London, and Nashville, and we think branded residences are a huge opportunity for us as well. The hotel business felt like a natural extension because we were already operating hospitality experiences through our clubs.
The conversation eventually broadened into how wellness spending has changed over the last decade.
Jack: It feels like younger people value wellness differently now.
Jeff: Fitness used to be much more vanity-driven. Today, people want to genuinely feel better physically and mentally. Experience, longevity, wellness, and community have become much more important to consumers, especially younger members who are prioritizing those things over traditional luxury spending.
Watch the full episode on our YouTube Channel or your favorite podcast app.
Tune in weekly for new episodes of No Cap by CRE Daily!
