Cruise ship spa operator buys land peer

NEW YORK -- Cruise ship spa operator Steiner Leisure Ltd. reached an agreement to acquire Greenhouse Day Spas, an operator of 11 land-based luxury spas in New York, Beverly Hills, Calif., and other cities.

Steiner will pay Greenhouse $24.7 million in cash and $3 million in Steiner Leisure stock. The deal is expected to close on May 31.

Greenhouse owners Gerald and Lee Katzoff will continue their operational involvement in the company.

Steiner will license the right to use the Greenhouse name to the Katzoffs, who will continue to own and operate Greenhouse's Arlington, Texas, spa, which is not part of the transaction.

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