Tenet Healthcare Finalizes Sale of Los Angeles Hospital
Dallas-based Tenet Healthcare has completed the sale of Hollywood Presbyterian Medical Center to CHA Medical Group, the Dallas Business Journal reports (Dallas Business Journal, 1/3). Under the terms of the agreement, CHA will continue to operate the 434-bed facility as a full-service, acute-care hospital with a 24-hour emergency department. The facility, formerly known as Queen of Angels, is one of the 27 hospitals Tenet in January announced plans to sell (California Healthline, 11/12/04).
The net value of the deal is about $71 million, including a $4 million note from CHA and the "liquidation of working capital," the Business Journal reports (Dallas Business Journal, 1/3).