HOUSTONNNN Healthcare/Office REIT has acquired the real estate associated with two long-term-care hospitals in Texas: 115-bed Triumph Hospital Northwest in Houston and 118 bed Triumph Hospital Southwest in Sugar Land.
Houston-based Triumph HealthCare will continue to operate both facilities. Santa Ana, Calif.-based NNN Healthcare/Office REIT paid $17.75 million for Triumph Hospital Northwest and $18.75 million for Triumph Hospital Southwest, according to a filing with the Securities and Exchange Commission.
Meanwhile, Triumph HealthCare announced earlier this month that it will acquire Memorial Hermann Continuing Care Corp.s long-term, acute-care operations in a deal expected to close July 1. After the transaction, Triumph will operate 11 hospitals in Houston. We entered in the long-term, acute-care business to meet a need in the community and we have provided this specialized care for a number of years, Dan Wolterman, president and chief executive officer of Memorial Hermann, said in a news release.
Recent changes in regulations have made it increasingly difficult for us to compete effectively. We are confident Triumph can offer the community the high-quality LTAC care going forward.
Memorial Hermann Continuing Care had operated 201 LTAC beds at three of its acute-care hospital campuses and recently consolidated two of its operations at its Memorial Hermann Westside campus.
Triumph will continue to operate 66 beds, including an eight-bed intensive care unit at this location through a lease agreement with Memorial Hermann, which will retain the property. The third LTAC operation will close.