Spa, Wellness & Thermal Baths Switzerland: 4–6.5× EBITDA, 4,645 Firms (2026)

1.0Market Snapshot

4,645: Saunas and solaria (130) and massage, wellness and other body-care studios (4,515) in 2024 (BFS STATENT, NOGA 96.04.01 and 96.04.02). Thermal baths and hotel spas are counted with hotels and sports facilities and are not included.
7,443: Employees in these businesses in 2024 (BFS STATENT), 4,470 full-time equivalents: fewer than one full-time job per business. Most are one-person studios.
+9.6%: Growth in the number of sauna, massage and wellness businesses from 2020 to 2024 (BFS STATENT), while employment stayed flat (+0.6%).

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 4,645 spa, wellness & thermal baths companies — Saunas and solaria (130) and massage, wellness and other body-care studios (4,515) in 2024 (BFS STATENT, NOGA 96.04.01 and 96.04.02). Thermal baths and hotel spas are counted with hotels and sports facilities and are not included..

2.0Industry Overview

Market Scope

Swiss spa and wellness has two very different parts. The first is a large number of small studios: BFS counted 4,645 sauna, solarium, massage and wellness businesses with 7,443 employees in 2024 (STATENT, NOGA 96.04), 49.0% more businesses than in 2011 but with fewer than one full-time job each. Saunas and solaria are shrinking (130 businesses, down from 231 in 2011), while massage and wellness studios have grown from 2,887 to 4,515. The second part is a few dozen thermal baths and resort spas, which official statistics count with hotels and sports facilities; RTS counted almost twenty thermal baths in Switzerland in January 2026.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Natural thermal springs that cannot be copied

Weaknesses4

High energy and water-treatment costs→ §5.0

External factors

Opportunities4

Medical and preventive health offers at resorts

Threats4

Energy price spikes

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Thermal-bath boom

20%

Switzerland has almost twenty thermal baths, and the sector says wellness has grown by about 15–20% a year since 2020 (RTS, January 2026).

Large new investments

CHF 110 million

A CHF 110 million hotel complex with thermal baths opened at Hérémence, and the Boas group is investing CHF 40 million in the Yverdon-les-Bains baths, reopening fully at the end of 2027 (RTS).

Weak baths fail

A Valais court ordered the dissolution of Thermalp Les Bains d'Ovronnaz SA on 27 August 2025, affecting almost 100 staff; the Val-d'Illiez baths have been closed for years (htr, RTS).

Resorts add medicine

20.5%

Grand Resort Bad Ragaz opened the Tamina Health Center in October 2025, and its clinic revenue rose 20.5% (Grand Resort Bad Ragaz, March 2026).

Massage studios replace saunas

Sauna and solarium businesses fell from 231 in 2011 to 130 in 2024, while massage and wellness studios rose from 2,887 to 4,515 (BFS STATENT).

5.0Cost Structure Benchmark

42%

12%

16%

12%

18%

Personnel42%
Energy and water12%
Property and maintenance16%
Treatments, food and other12%
EBITDA margin18%

Indicative split for a Swiss thermal bath or resort spa, not a measured figure. The EBITDA margin is in line with Grand Resort Bad Ragaz in 2025 (18.4%).

6.0Top Spa, Wellness & Thermal Baths Companies in Switzerland

Name	Location	Key Facts
Grand Resort Bad RagazCHE-105.811.302	Bad Ragaz SG	Grand Resort Bad Ragaz AG: operator of the Bad Ragaz thermal baths, the Grand Hotels Quellenhof & Spa Suites and Hof Ragaz, and the Tamina hydropower plant. 2025 revenue CHF 109.2 million (+6.4%), EBITDA CHF 20.1 million; the Tamina Therme had a record 325,987 guests.
Bürgenstock HotelsCHE-105.841.711	Stansstad NW	Bürgenstock Hotels AG: operator of the Bürgenstock hotels above Lake Lucerne, registered in Stansstad; it has absorbed Katara Hospitality Switzerland AG, the Swiss company of the Qatari hotel owner Katara Hospitality.
AquaSpa (Aqua-Spa-Resorts)CHE-112.649.277	Oberkirch LU	Aqua-Spa-Resorts AG: developer and operator of thermal, mineral and saltwater baths since 2005, part of the MLG Group, registered in Oberkirch. It runs six baths: Hürlimannbad Zurich, Hammam Bern, Mineralbad Samedan, Mineralbad Rigi, Solbad Schönbühl and Termali Salini Locarno.
FORTYSEVENCHE-116.307.798	Baden AG	FORTYSEVEN AG (formerly ThermalBaden AG): operator of the Fortyseven thermal bath in Baden, designed by Mario Botta and opened in November 2021.
Bains d'Yverdon (Boas)CHE-222.733.922	Yverdon-les-Bains VD	Hôtel et Centre Thermal d'Yverdon-les-Bains SA: owner and operator of the Yverdon baths and hotel, part of the Boas hotel group, which is renovating the baths for CHF 40 million.

Grand Resort Bad Ragaz

CHE-105.811.302

Bad Ragaz SG

Grand Resort Bad Ragaz AG: operator of the Bad Ragaz thermal baths, the Grand Hotels Quellenhof & Spa Suites and Hof Ragaz, and the Tamina hydropower plant. 2025 revenue CHF 109.2 million (+6.4%), EBITDA CHF 20.1 million; the Tamina Therme had a record 325,987 guests.

Bürgenstock Hotels

CHE-105.841.711

Stansstad NW

Bürgenstock Hotels AG: operator of the Bürgenstock hotels above Lake Lucerne, registered in Stansstad; it has absorbed Katara Hospitality Switzerland AG, the Swiss company of the Qatari hotel owner Katara Hospitality.

AquaSpa (Aqua-Spa-Resorts)

CHE-112.649.277

Oberkirch LU

Aqua-Spa-Resorts AG: developer and operator of thermal, mineral and saltwater baths since 2005, part of the MLG Group, registered in Oberkirch. It runs six baths: Hürlimannbad Zurich, Hammam Bern, Mineralbad Samedan, Mineralbad Rigi, Solbad Schönbühl and Termali Salini Locarno.

FORTYSEVEN

CHE-116.307.798

Baden AG

FORTYSEVEN AG (formerly ThermalBaden AG): operator of the Fortyseven thermal bath in Baden, designed by Mario Botta and opened in November 2021.

Bains d'Yverdon (Boas)

CHE-222.733.922

Yverdon-les-Bains VD

Hôtel et Centre Thermal d'Yverdon-les-Bains SA: owner and operator of the Yverdon baths and hotel, part of the Boas hotel group, which is renovating the baths for CHF 40 million.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Studios close, baths change hands

4,645: sauna, massage and wellness businesses in 2024 (BFS STATENT)
325,987: Tamina Therme guests in 2025, a record (Grand Resort Bad Ragaz)
CHF 40m: renovation of the Yverdon-les-Bains baths, reopening end 2027 (RTS)
4.0–6.5×: EBITDA deal multiples (ValIndex multiples table)

Most massage and wellness studios depend on one therapist and are closed rather than sold. Thermal baths and resort spas are different: they own scarce spring rights and buildings, and change hands when an owner can no longer fund renovation, or through insolvency, as at Ovronnaz. Buyers pay for water rights, visitor numbers, the condition of the building and the link to a hotel, and discount for energy costs, renovation backlogs and dependence on a single site. ValIndex's multiples table puts spa and wellness at 4.0–6.5× EBITDA in transactions and 3.0–5.0× on statutory valuations.

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Valuation Snapshot

Spa, Wellness & Thermal Baths business valuation in Switzerland

Statutory Multiple (EBITDA): 3.0 - 5.0×
Deal Multiple (EBITDA): 4.0 - 6.5×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

1,109 sauna, massage and wellness businesses with 1,970 employees in 2024 (BFS STATENT), the most of any region; home to Yverdon-les-Bains, Hérémence, Ovronnaz and Leukerbad.

Zurich

882 businesses with 1,506 employees; the Hürlimannbad is run by Aqua-Spa-Resorts.

Bern and Solothurn

BESO

682 businesses with 798 employees, the smallest on average (1.2 per business); Hammam Bern and Solbad Schönbühl are here.

Eastern Switzerland

SGTGGRSHARAIGL

665 businesses with 987 employees; Grand Resort Bad Ragaz and Mineralbad Samedan are here.

Northwestern Switzerland

AGBLBS

569 businesses with 1,022 employees; Fortyseven in Baden and aquabasilea in Pratteln are here.

Central Switzerland

LUSZZGOWURNW

494 businesses with 816 employees; the Bürgenstock resort and Mineralbad Rigi are here.

Ticino

218 businesses with 336 employees; Termali Salini in Locarno is run by Aqua-Spa-Resorts.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 96.04.01 saunas and solaria, 96.04.02 other personal care)Grand Resort Bad Ragaz — Geschäftsjahr 2025: stabile Entwicklung in bewegten Zeiten (31 March 2026)HOGAPAGE — Grand Resort Bad Ragaz kehrt mit Umsatzplus in Vollbetrieb zurück (31 March 2026)SRF / RTS — Wellness-Boom: Thermalbäder in der Schweiz – immer mehr und immer luxuriöser (17 January 2026)swissinfo.ch / RTS — Schweizer Thermalbäder: immer mehr, immer ausgefeilter (16 January 2026)htr hotelrevue — Thermalbäder in Ovronnaz sind insolvent (3 September 2025)AquaSpa — About AquaSpa (Aqua-Spa-Resorts AG: six baths, since 2005, part of the MLG Group)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of Grand Resort Bad Ragaz AG, Bürgenstock Hotels AG, Aqua-Spa-Resorts AG, FORTYSEVEN AG and Hôtel et Centre Thermal d'Yverdon-les-Bains SA)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is a spa or wellness business worth in Switzerland?

ValIndex's multiples table puts Swiss spa and wellness at 4.0–6.5× EBITDA in transactions and 3.0–5.0× EBITDA on statutory valuations. Thermal baths with their own springs and a hotel sit at the upper end; one-person studios rarely sell at all.

▶What drives the value of a Swiss thermal bath or spa?

Buyers price: (1) spring and water rights; (2) visitor numbers and revenue per visitor; (3) the condition of the building and the renovation backlog; (4) energy efficiency; (5) the link to a hotel or clinic; (6) staff and management.

▶How big is the Swiss spa and wellness sector?

BFS counted 4,645 sauna, solarium, massage and wellness businesses with 7,443 employees in 2024 (STATENT, NOGA 96.04). Thermal baths and hotel spas are counted with hotels and sports facilities; RTS counted almost twenty thermal baths in January 2026.

▶Who are the main Swiss spa and thermal-bath operators?

Leading operators include Grand Resort Bad Ragaz (CHF 109.2 million revenue in 2025), the Bürgenstock resort, Aqua-Spa-Resorts (six baths, part of the MLG Group), FORTYSEVEN in Baden, and the Boas group's baths at Yverdon-les-Bains.

▶What are the key trends in Swiss spa and wellness?

Five trends: (1) a thermal-bath boom; (2) large new investments; (3) failures of weak baths, as at Ovronnaz; (4) resorts adding medical services; (5) massage and wellness studios replacing saunas and solaria.

▶What are the main risks when buying a Swiss spa business?

The main risks are: (1) energy costs; (2) renovation backlogs; (3) staff shortages; (4) dependence on one site and its water; (5) competition from new baths. Due diligence should check water rights, visitor trends, building condition, energy contracts and the investment plan.

▶How are Swiss thermal baths performing?

The leaders are growing. Grand Resort Bad Ragaz raised revenue 6.4% in 2025 and its Tamina Therme had a record 325,987 guests. Weaker baths are struggling: a court ordered the dissolution of the Ovronnaz baths company in August 2025.

▶Where are Swiss spa and wellness businesses located?

Using BFS figures for 2024: Western Switzerland has the most sauna, massage and wellness businesses (1,109, with 1,970 employees), followed by Zurich (882; 1,506), Bern and Solothurn (682; 798), Eastern Switzerland (665; 987), Northwestern Switzerland (569; 1,022), Central Switzerland (494; 816) and Ticino (218; 336).

Spa, Wellness & Thermal Baths