Bankrupt local nursing homes sold to Toledo hospital network

April 27--Eight nursing homes in the region will be sold to Toledo-based ProMedica as part of a larger $3.3 billion deal.

HCR ManorCare, the second largest nursing home owner in the U.S., has nursing homes in the area under its Heartland brand and earlier this year had filed for Chapter 11 bankruptcy after falling behind on its rent for years.

Locally, HCR ManorCare operates post-acute care nursing and rehabilitation centers under the name Heartland in Beavercreek, Centerville, Kettering, Greenville, Miamisburg, Piqua, Springfield and Fairfield. Heartland Hospice Services, based in Kettering, also serves a 10-county area.

ProMedica said in a press release that it teamed up with Welltower, a real estate investment firm also based in Toledo, to make a deal Wednesday to buy HCR ManorCare.

"The lines are blurring between where health care begins and stops. This acquisition provides us the platform to think differently about health and aging," stated Randy Oostra, ProMedica president and CEO.

They are buying HCR ManorCare from Quality Care Properties, which was HCR ManorCare's landlord and bought the nursing home group in bankruptcy.

ProMedica, which operates in six states, will expand its footprint through this transaction into 30 states, employing about 70,000 people with projected annual revenue of $7 billion.

The Toledo Blade reported ProMedica will buy HCR ManorCare for $300 million in cash and the assumption of $1.1 billion in ManorCare debt. Welltower will pay $1.95 billion in cash to acquire all the properties of Quality Care Properties.

___

(c)2018 the Dayton Daily News (Dayton, Ohio)

Visit the Dayton Daily News (Dayton, Ohio) at www.daytondailynews.com

Distributed by Tribune Content Agency, LLC.