LOUISVILLE, Ky., June
21, 2021 /PRNewswire/ -- Atria
Senior Living, a leading operator of senior living
communities across the United
States and Canada,
announced today it has entered into a binding agreement to acquire
the management services business of Holiday Retirement. The
transaction is expected to close during the third quarter of 2021,
simultaneously with the Welltower (NYSE: WELL) acquisition of 86
Holiday owned and leased senior living communities, along with a
long-term management services agreement with Atria. Holiday
currently manages 240 communities in 43 states.
"We will build the best pure-play management services business in
senior living."
Immediately following 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 Atria and Holiday
leadership teams look forward to working together to create an
optimized, long-term strategy for the combined company, benefiting
from the experience and leadership of both teams. The combined
company will serve more than 45,000 residents with more than 19,000
employees and manage 447 communities across 45 states and seven
Canadian provinces.
Atria Senior Living Chairman and
CEO John Moore said, "This
transaction enables Atria – by joining forces with Holiday CEO
Lilly Donohue, her great team and
all of the passionate and dedicated associates in Holiday
communities across the country – to continue on our path to
create a thoughtful variety of choices as unprecedented numbers of
people seek senior living options in the decade ahead."
While the combination of the Atria and Holiday brands will
create North America's second
largest senior living provider, Moore said, "This transaction is
not about getting bigger, but it's about getting better and
actualizing our vision of growing our management services platform
to focus on the senior housing segments that we think will benefit
the most from scale and quality.
"Atria's overall management portfolio will now be clearly
focused on two types of high-quality products – a portfolio, which
after the transaction will include more than 250 purpose-built,
nearly identical, well-conceived communities, providing an
approachable price-point product to consumers as well as Atria's
legacy collection of amenity-rich, higher-price communities
concentrated in coastal markets, including the recently opened
Atria Newport Beach and the
groundbreaking luxury urban communities underway in our joint
venture with Related Companies, with Welltower as partner in the
first two buildings in San
Francisco and Hudson Yards in Manhattan. We are intentionally building a
portfolio that will benefit from our background and skill set,
utilizing our industry-leading support tools, technology and team
we have built over the past 20 years – and now adding the depth and
strength of the Holiday team.
"For the residents, families and staff of all Holiday
communities, we want the integration to be as seamless as possible,
and we're excited about the opportunity to bring new investment to
Holiday's communities. We are already working with Welltower on
thoughtful strategies to invest in improvements that will benefit
communities and the residents they serve. We look forward to
working with Lilly and her team to develop and finalize the plans
to make these improvements happen."
"Welltower is delighted to play a role in bringing together
these two great operators," said Shankh Mitra, Welltower CEO and
CIO. "Holiday's unique platform of assets and its skilled and
highly respected management team combined with Atria's proprietary
operating model and technology platform will result in an
exceptional senior living experience for residents. John and Lilly,
and all Atria and Holiday colleagues, share our vision for the
significant, multiyear growth opportunity in the seniors housing
sector. We are excited to embark on this journey together."
"Partnering with Atria means many thousands of seniors can
benefit from our collective 70-year history of making senior living
more accessible and more attractive to older people across the U.S.
and Canada," said Lilly Donohue, Holiday Retirement CEO. "Our
associates are fiercely proud of working at Holiday and all they
have accomplished to make it a leading company that puts our people
and customers first. Now, we look to join forces with the highly
respected Atria team, which shares our relentless focus, and to do
more together than we could do apart. Together, we can continue to
challenge the status quo, pooling our resources and expertise to
transform lives and deliver sustainable, long-term value to our
employees, customers and investors.".
"We're excited to work with not just Welltower, but also with
the other high-quality owners of some 150 Holiday communities. We
will build the best pure-play management services business in
senior living and create value for all the owners of the
communities we manage," Moore said.
About Atria Senior
Living
Atria Senior
Living is a leading operator of independent living, assisted
living, supportive living and memory care communities in more than
200 locations in 28 states and seven Canadian provinces. Atria is
the residence of choice for more than 20,000 older adults, and the
workplace of choice for more than 12,000 employees. Atria creates
vibrant communities where older adults can thrive and participate,
know that their contributions are valued, and enjoy access to
opportunities and support that help them keep making a positive
difference in our world. Glennis Solutions, a subsidiary of
Atria Senior Living, 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 on Glennis Solutions, visit
GlennisSolutions.com.
About Holiday Retirement
Holiday Retirement
is in the business of helping older people live better. Pioneering
the concept of independent senior living in 1971, Holiday
Retirement has grown to help more than 25,000 residents in 43
states live better. Holiday Retirement is also recognized as a
Great Place to Work®. For more information about Holiday
Retirement, visit HolidaySeniorLiving.com.
Upon 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 residence of choice for more than
45,000 older people, and the workplace of choice for more than
19,000 employees.
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SOURCE Atria Senior Living