Tenet Healthcare Corp., Santa Barbara, Calif., said it has entered into a definitive agreement to sell a Los Angeles hospital on its divestiture list to CHA Medical Group, which specializes in fertility treatments.
Terms of the sale of 434-bed Hollywood Presbyterian Medical Center were not disclosed, but Tenet said its after-tax net proceeds will be about $69 million and the sale is expected to close by Dec. 31.
Tenet purchased what was then known as Queen of Angels-Hollywood Presbyterian Medical Center for $86.5 million in 1998.
CHA Medical Group has agreed to operate the facility as a full-service hospital with a 24-hour emergency room. The medical group, led by Kwang Yul Cha, M.D., owns four acute-care hospitals, two specialty clinics for Oriental medicine, an infertility clinic in South Korea and an infertility clinic in Los Angeles.
With the agreement, Tenet has sold or agreed to sell 21 of the 27 hospitals on the divestiture list it announced in January. When it completes its divestiture program, Tenet will own or operate 69 hospitals.