HCA Holdings will purchase the assets of a closed luxury hospital in Dallas as the hospital giant continues to expand in north Texas.
HCA is buying Forest Park Medical Center along with a parking structure and four acres of adjacent land for $135 million from FPMC Realty Partners III and BT Forest Park Realty Partners. The groups had borrowed the money from Sabra Health Care REIT to refinance the hospital mortgage.
The two-tower, 84-bed hospital was the crown jewel in a small chain of high-end, physician-owned hospitals around Texas and Kansas City that operate under the Forest Park brand. The hospitals, which catered to wealthy patients with lavish decor and fine food, have fallen on hard times.
But their decline in Dallas is fueling HCA's growth. Earlier this year, HCA paid about $96 million to purchase 54-bed Forest Park Medical Center at Frisco, another of the luxury hospitals that was operating in Chapter 11 bankruptcy. HCA is now calling it Medical City Frisco.
The acquisition of Forest Park Medical Center in Dallas, which has been closed since October, is subject to customary approvals. The deal is expected to close by late June.
Also, HCA in just over a year's time has opened Medical Center Alliance, acquired the CareNow urgent-care network and added new trauma program across 13 hospitals in its HCA North Texas region, said Erol Akdamar, president of HCA North Texas.
“We look forward to collaborating with the physicians in our community to determine the highest and best use of this additional capacity,” Akdamar said in a written statement. “Our shared goal is the expansion of high-quality healthcare services for patients in North Texas.”
HCA North Texas is one of HCA's fastest-growing regions. It includes 16 hospitals, 79 patient-care sites, more than 5,500 physicians and 15,000 employees in Dallas-Fort Worth and Oklahoma.
Nashville-based HCA is the nation's largest hospital company by revenue, with $39.7 billion reported in 2015. The investor-owned company operates 165 hospitals.
