Editor’s Note: Ventas announced the completed transition of the Elmcroft portfolio on Tuesday, Jan. 23.
Elmcroft Senior Living is starting a new chapter, with former leaders of another major provider, Holiday Retirement, in the C-suite.
Kai Hsiao served as CEO of Holiday, the nation’s largest independent living provider, from April 2013 to December 2015. He is now CEO of Louisville-based Elmcroft, effective as of January 2018, according to his LinkedIn profile.
Also this month, Shamim Wu assumed the COO position at Elmcroft, according to her LinkedIn profile. She and Hsiao were colleagues at Holiday, where Wu was executive vice president of sales from 2012 to 2016.
Hsiao and Wu did not respond to requests for comment from Senior Housing News on Monday.
Elmcroft operates about 80 senior living communities in 18 states, offering a range of care levels, including independent living, assisted living and memory care. The real estate of about 70 of those properties is owned by Chicago-based real estate investment trust (REIT) Ventas Inc. (NYSE: VTR).
In October 2017, Ventas announced that its Elmcroft portfolio would be transitioned to a new operating company led by Hsiao. Also as part of that transition, Ventas and an unnamed institutional investor would form a joint venture, and Ventas would assume a stake in the operating company.
“The joint venture will continue diversifying our capital sources and could expand to provide a competitive advantage as the company continues to grow,” Ventas CEO Debra Cafaro said in announcing the move, on a third quarter 2017 earnings call.
The operating company led by Hsiao and his team will be a “valuable addition to our existing operator relationships,” Cafaro added.
Ventas expected the transaction to be completed in early 2018.
Written by Tim Mullaney