Ontario Construction News staff writer
Ontario Premier Doug Ford says his government will review the province’s 95-year lease with Therme Canada after a New York Times investigation alleged the company misrepresented its experience during the Ontario Place redevelopment bidding process.
Speaking at Queen’s Park on Wednesday, Ford acknowledged the report’s findings and said he directed officials to examine the deal closely.
“When I heard this allegation, I went directly to the minister and the deputy and said, ‘Look into this,’” Ford told reporters. “I just want to double- and triple-check the contract. We’ll look into it and make sure everything passes a smell test.”
According to the Times, Therme — an Austrian-based company — claimed to operate several spa facilities across Europe. However, the investigation found that at the time of its bid, the company had only built and run one spa facility near Bucharest, Romania. It later acquired a similarly branded German spa after securing the Ontario contract, potentially adding to confusion over its track record.
Therme was awarded the 95-year lease in 2023 to build and operate a large spa and water park as part of the broader Ontario Place revitalization — a high-profile and controversial redevelopment of the publicly owned waterfront site.
In response to the Times report, Therme said the allegations were “inaccurate”.
“The New York Times article mischaracterizes the evolution of Therme Group, ignores on-the-record statements from the Wund Foundation regarding our long-standing partnership, and inaccurately suggests that Therme misrepresented itself in its Ontario Place bid,” the company said in a statement. “It also fails to reflect Therme’s current scale, capabilities, and standing in 2025.
“Therme Group is a well-capitalized global company backed by respected institutional investors and financing partners.
According to the statement, Therme “is built on the delivery of inclusive, wellbeing-centered urban destinations, supported by decades of operational expertise—much of it developed collaboratively with the Wund Organization” through a formalized knowledge-sharing partnership dating back to 2017.
“In Canada, Therme was selected through a competitive government-led process that reviewed over 30 proposals,” the statement reads. “Our bid clearly referenced the combined expertise of both Wund and Therme teams, which was foundational to our approach.
“The Auditor General confirmed that Therme met all submission and financial requirements.”
However, the Times reported that financial audits at the time showed the company was operating at a loss and had equity of less than €1 million (roughly US$1.1 million). The investigation also concluded false claims helped the company attract further investments and win additional contracts after securing the Ontario deal.
Opposition parties at Queen’s Park called for the province to cancel the agreement.
“A company with one small spa and barely a million in equity — and they still convinced the premier they had global experience?” said Liberal MPP John Fraser. “This wasn’t just exaggeration. It misled the government.”
However, infrastructure Minister Kinga Surma defended the project, saying it would create about 4,700 construction jobs and 2,000 permanent positions.
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