LOUISVILLE, Ky., Jun 21, 2021 / PRNewswire / – Atria retirement home, a leading operator of retirement homes through United States and Canada, today announced that it has entered into a binding agreement to acquire the management services business of Holiday Retirement. The transaction is expected to close in the third quarter of 2021, along with the acquisition by Welltower (NYSE: WELL) of 86 senior residences owned and leased by Holiday, as well as a long-term management services agreement. with Atria. Holiday currently manages 240 communities in 43 states.
Immediately after the transaction, the Atria and Holiday brands will continue to operate separately, with Holiday operations continuing to be supported by their team in Winter park, florida. The management teams of Atria and Holiday look forward to working together to create an optimized long-term strategy for the combined business, benefiting from the experience and leadership of both teams. The combined company will serve over 45,000 residents with over 19,000 employees and manage 447 communities in 45 states and seven Canadian provinces.
Atria retirement home President and CEO John moore said: âThis transaction enables Atria – by partnering with the CEO of Holiday Lilly donohue, her amazing team and all the passionate and dedicated vacation communities across the country – to continue on our journey to create a thoughtful variety of choices as unprecedented numbers seek senior living options in the decade to come. ”
While the combination of the Atria and Holiday brands will create North America second largest provider of senior housing, said Moore, âThis transaction is not about growing, but about improving and realizing our vision of growing our management services platform to focus on senior housing segments that we believe will benefit the most from scale and quality.
âAtria’s overall management portfolio will now be clearly focused on two types of high-quality products – a portfolio that, after the transaction, will include more than 250 specially designed, nearly identical and well-designed communities offering an affordable product. . to consumers as well as Atria’s legacy collection of high-priced, convenience-rich communities focused on coastal markets, including the recently opened Newport Atria Beach and the revolutionary luxury urban communities underway in our joint venture with Related Companies, with Welltower as a partner in the first two buildings of San Francisco and Hudson Yards at Manhattan. We are intentionally building a portfolio that will benefit from our experience and skills, using our state-of-the-art support tools, technology and team that we have built over the past 20 years – and now adding the depth and strength of the Holiday team.
âFor residents, families and staff in all Holiday communities, we want the integration to be as seamless as possible, and we are excited about the opportunity to bring new investments to Holiday communities. We are working hard. already with Welltower on thoughtful strategies for investing in improvements that will benefit the communities and residents they serve.We look forward to working with Lilly and her team to develop and finalize plans to achieve these improvements.
âWelltower is delighted to play a role in bringing these two great operators together,â said Shankh Mitra, CEO and CIO of Welltower. âHoliday’s unique asset platform and its knowledgeable and highly respected management team, combined with Atria’s proprietary business model and technology platform, will enable residents to deliver an exceptional living experience. to the elderly. significant multi-year growth opportunity in the senior housing sector. We are delighted to embark on this adventure together.
âThe partnership with Atria means that thousands of seniors can benefit from our collective 70-year history of making the lives of seniors more accessible and attractive to seniors across the United States and Canada,” mentionned Lilly donohue, CEO of Vacances Retraite. âOur associates are extremely proud to work at Holiday and all they have accomplished to make it a leading company that puts our people and customers first. Now, we are looking to join forces with the well-respected team at Atria, who share our relentless goal, and do more together than we could do separately. Together, we can continue to challenge the status quo, pooling our resources and expertise to transform lives and deliver lasting, long-term value to our employees, customers and investors.
“We are delighted to be working not only with Welltower, but also with the other high quality owners of some 150 vacation communities. We will create the best pure-play management services company in the lives of seniors and create value for all the owners of the communities we manage, âsaid Moore.
About Atria retirement home
Atria retirement home is a leading operator of independent living, assisted living, supported living and memory care communities in more than 200 locations in 28 states and seven Canadian provinces. Atria is the home of choice for over 20,000 seniors and the workplace of choice for over 12,000 employees. Atria creates vibrant communities where seniors can thrive and participate, know their contributions are valued, and have access to opportunities and support that help them continue to make a positive difference in our world. Glennis Solutions, a subsidiary of Atria retirement home, is the only fully integrated, cloud-based software suite specifically designed to serve the senior housing industry. For more information about Atria, visit AtriaSeniorLiving.com or follow them on Facebook or Twitter. For career opportunities and more information about working for Atria, visit AtriaCareers.com. For more information about Glennis Solutions, visit GlennisSolutions.com.
About the vacation retreat
Holiday Retirement’s mission is to help seniors live better lives. Pioneering the concept of independent living for the elderly in 1971, Holiday Retirement has grown to help more than 25,000 residents in 43 states live better lives. Holiday retreat is also recognized as a great place to workÂ®. For more information on the vacation retreat, visit HolidaySeniorLiving.com.
During the transaction
The combined business will provide independent living, assisted living, supportive living and memory care in 447 communities in 45 states and seven Canadian provinces. Atria will be the home of choice for over 45,000 seniors and the workplace of choice for over 19,000 employees.
SOURCE Atria retirement home