Here are five big hospital sales in 2024:
1. Dallas-based Tenet Healthcare, the parent company of United Surgical Partners International, has agreed to sell its majority stake in Birmingham, Alabama-based Brookwood Baptist Health for $910 million in cash. The sale includes five hospitals in Alabama and was one of several hospital sales by Tenet this year as the system turns its focus to ASCs.
2. In May, Dallas-based Steward Health Care put its 31 U.S. hospitals up for sale to reduce its $9 billion in debt after the system filed for Chapter 11 bankruptcy. Financial chaos erupted following the bankruptcy filing, and Steward is currently suing Medical Properties Trust – the landlord of 30 of Steward’s 31 hospitals – on the grounds that MPT “interfered” with Steward’s efforts to sell the hospitals.
3. This year, St. Louis-based Ascension sold Our Lady of Lourdes Memorial Hospital System in Binghamton, NY, 50% of its interest in Network Health in Wisconsin, and all assets and operations of Providence Hospital in Mobile, Alabama.
4. Franklin, Tennessee-based Community Health Systems announced July 30 a definitive agreement to sell its three Pennsylvania hospitals for a total of more than $1 billion.
5. The closed St. Margaret’s Health-Spring Valley (Illinois) was auctioned off under the US Chapter 11 procedure in June. Hilco Real Estate auctioned off all of the hospital’s medical and non-medical assets in April.
