Emeritus assisted-living empire could grow with Sunwest deal

Share this Article

Author:

Emeritus Corp. of Seattle, which owns and runs assisted living centers for seniors, said it’s been chosen to manage 148 communities that Blackstone Real Estate Advisors intends to buy from Oregon-based Sunwest Management.

By Seattle Times business staff

Emeritus Corp. of Seattle, which owns and runs assisted living centers for seniors, said it’s been chosen to manage 148 communities that Blackstone Real Estate Advisors intends to buy from Oregon-based Sunwest Management.

Sunwest has been restructuring after founder Jon Harder filed for personal bankruptcy protection last fall and the Securities and Exchange Commission in March obtained an order appointing a receiver at the company to investigate alleged securities fraud and recover assets for creditors and investors.

Emeritus said Blackstone and Columbia Pacific Management, which is controlled by Emeritus chairman and co-CEO Dan Baty, have a preliminary agreement with Sunwest to acquire the communities. Emeritus, which currently operates 309 communities in 36 states, would have the option to make a 10 percent equity investment alongside Blackstone and Columbia Pacific.
 

Posted in: Uncategorized

Leave a Reply


(required)

*