- Ardent Health Partners completed its initial public offering and shares are now trading on the New York Stock Exchange under the ARDT ticker symbol. Ardent owns 30 acute care hospitals (18 are joint ventures), operates 200 sites of care and has 1,700 affiliated providers. Ardent’s operating model focuses on joint venture hospitals in mid-sized metropolitan cities. Hospitalogy provided a detailed summary of Ardent Health’s operating model.
- Ascension is selling nine Illinois hospitals and four post-acute facilities to Prime Healthcare for an undisclosed amount. This will be Prime Healthcare’s largest acquisition in the company’s history.
- Medical Properties Trust (MPT) has sold Arizona General Hospital and seven emergency departments (“EDs”) to Dignity Health (CommonSpirit) for $160M. Dignity Health has been leasing the hospital and EDs from MPT after the original operator, Adeptus Health, filed for bankruptcy in 2017.
- Optum will be closing multiple administrative and clinic locations and laying off around 500 employees. Optum will close 15 locations in California and three locations in Colorado. Most of the employees impacted by the layoff are located in California.
- Hall Render is hosting a webinar on the regulation of health care private equity transactions. More information and registration can be found here.
- The University of California Regents have approved a new $1.49B UCSF Benioff Children’s Hospital in Oakland. The project will include 208 licensed beds and will be completed by 2030.
- Steward Health has identified buyers for two of its hospitals. Pafford Health Systems has agreed to buy Glenwood Regional Medical Center (LA) and Wadley Regional Medical Center (AR) for a total of $700,000.
- Senior housing M&A activity in Q2 increased 49% over the same period last year according to a new report. A belief that capital markets won’t substantially improve anytime soon has prompted owners to sell now according to the report.
- Christian Horizons, the operator of 12 senior living communities in Illinois, Indiana, Iowa and Missouri, has filed for Chapter 11 bankruptcy. The company cited challenges finding new residents, staffing shortages and cost increases.
- Health systems are actively pursuing more ambulatory surgery center (“ASC”) joint ventures this year. According to a new report, ASCs are the top joint venture strategy for health systems. ASC strategies are being driven by payers forcing providers to perform procedures in lower cost settings like ASCs.
For more information on real estate matters, please contact:
- Andrew Dick at adick@hallrender.com or (317) 977-1491;
- Joel Swider at jswider@hallrender.com or (317) 429-3638; or
- Your primary Hall Render contact.
Hall Render blog posts and articles are intended for informational purposes only. For ethical reasons, Hall Render attorneys cannot give legal advice outside of an attorney-client relationship.
