It’s Wednesday, Orlando. We should see a break from the storms today, but no guarantees. Expect a partly sunny morning to lead into a mostly cloudy evening, with highs reaching about 94. Here’s what’s on deck:

• Orangetheory Sells Orlando and South Florida Locations

• Orlando Home Prices Surge Despite Slowing Sales

Let’s dive in.

BUSINESS

Orangetheory Sells Orlando and South Florida Locations

The big picture: Orangetheory, famous for its intense cardio workouts, sold 18 of its studios in Orlando and South Florida to Bluegrass Fitness, an affiliate of investment firm Manna Partners. The sale follows Orangetheory's merger with Self Esteem Brands, the parent company of Anytime Fitness.

The details: Bluegrass will continue to operate the studios under the Orangetheory brand and hopes to eventually add additional locations to its portfolio. The financial terms of the deal were not disclosed.

Context:

• Orangetheory has approximately 1,500 franchises in 24 countries.

• Known for its interval training and distinctive orange lighting, the brand has a loyal following among fitness enthusiasts.

What's next: Orangetheory's merger with Anytime Fitness aims to double Anytime's footprint by 2030 with Dave Long, co-founder and CEO of Orangetheory, continuing to lead the brand. Regarding the Bluegrass deal, Long said, "Our new partner’s culture, operations focus, and long-term outlook align perfectly with our model for success.”

Zooming out: The U.S. leads the global fitness industry, driven by millennial and Gen Z consumers who prioritize health and wellness. Overall, the fitness sector is a multibillion-dollar industry, set to potentially increase further in value as boutiques like Orangetheory continue to expand.

Read more here (Orlando Business Journal)

REAL ESTATE

Orlando Home Prices Surge Despite Slowing Sales

What's happening: Orlando's housing market is experiencing a mix of record prices and increased inventory. The median home price hit a new high of $395,000 in June, surpassing previous records. Despite the price surge, the inventory climbed for the sixth consecutive month, reaching levels not seen since November 2015.

By the numbers:

• Median price: $395K in June, up from $385K in May.

• Inventory: Highest in nearly a decade at 10,796 homes.

• Sales: Down 10% to 2,601 homes.

• Supply: 4.15 months, up from 3.53 months.

Why it matters: Summer typically sees peak home prices, but the increase in inventory is notable. This trend suggests a potential shift towards a more balanced market, with 4.15 months of supply edging closer to the six-month benchmark for market equilibrium.

The bottom line: With the market in flux and rising prices juxtaposed against a growing inventory, sellers may need to adjust expectations as the market shifts towards a more buyer-friendly environment.

Read more here (Orlando Business Journal)

QUICK HITS

In Other News…

1. College football’s Cure Bowl might be coming back to Camping World Stadium in 2024.

2. Jeff’s Bagel Run (which recently acquired Otus Coffee) is set to open a new Clermont location today.

3. Orlando City’s Duncan McGuire will be representing the US at the upcoming Paris Olympics.

4. With its latest acquisition, Orlando-based engineering firm UES has now purchased 19 businesses in the last three years.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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