Brookdale buys 21 Sunrise assisted living facilities
Sunrise Senior Living Inc. will be selling 21 of its assisted living facilities to Nashville-based Brookdale Senior Living.
Brookdale will pay $204 million for the properties. After paying down debts and mortgages, Sunrise estimates the net gain from the sale will be closer to $60 million, according to a release from Sunrise. After disclose the sale last week, Sunrise's stock price rose to $4.77-a gain of roughly 44%, The Washington Post reported. Officials expect the deal to be completed in November.
The move comes as part of Sunrise's restructuring efforts, according to a statement from CEO Mark Ordan. Sunrise lost about $439 million in 2008, and said in March that it may be forced to file for bankruptcy. (McKnight's, 3/3/09)