In case you missed it… here are the top five headlines grabbing SHN readers’ attention this week.
Sunrise CEO Out After Only 5 Months, Winkle to Take Over—In the midst of closing a recapitalization under which Revera purchased a majority of Sunrise’s management company, Sunrise announced its former CEO, Penny McIntyre has been replaced by Chris Winkle, who formerly served as chief operating officer.
Largest Senior Living Associations Abandon Merger Talk—Rumored to have been talking about merger potential, ALFA and ASHA abandoned their plans, according to correspondence obtained by Senior Housing News. The two associations said they will continue to work together, but will remain and operate separately.
Developers Eye Hotel Conversions as Next Senior Living Opportunity—Many have tried, some successfully, to convert aging hotel properties into senior housing. Developers say it can work well, under the right circumstances and when the right unit types are involved.
Brookdale and HCP Create $1.2 Billion Joint Venture to Acquire CCRCs—Senior living giant Brookdale and health care REIT HCP Inc. announced a $1.2 billion joint venture under which they will own and operate entry-fee CCRCs. The companies also said they are amending the leases on 202 properties currently owned by Emeritus that will result in two separate property portfolios.
Senior Housing Becoming Mainstream Asset Class for Investors—Senior housing is here to stay, investors are saying. From private equity groups to banks, investors say for the first time, senior housing is going mainstream when it comes to investor demand. Is the market large enough to satisfy those investors?
Written by Elizabeth Ecker