HCA North Texas has completed its purchase of Forest Park Medical Center in Dallas, the flagship facility of the failed luxury hospital chain.
Sabra Health Care REIT, the leading creditor of the bankrupt Dallas hospital, announced Monday that it received $125.4 million and has been repaid in full in the sale to HCA Holdings. Forest Park Realty Partners III, LP and BT Forest Park Realty Partners, LP, were the owners of the facility.
The transaction actually closed on Friday, HCA and Sabra said Monday. It was initially announced last month.
The deal includes two hospital towers with 84 beds, 22 operating rooms and 14 intensive-care rooms. The 190,000-square-foot hospital is located just north of Forest Lane on Interstate 75. The Forest Park facility in Dallas shut its doors in October.
Future plans for the hospital will be announced later, but statements released earlier and again on Monday suggest that the Forest Park hospital will be a satellite of nearby Medical City Dallas, which HCA already owns.
“Medical City Dallas Hospital is growing to meet community need,” Erol Akdamar, HCA North Texas division president said in a statement. “We will carefully evaluate the best use of this premiere facility to enhance the exceptional complement of services we provide for both adults and children.”
Leadership is looking at a shared license situation but nothing has been settled, said Janet St. James, a spokeswoman for HCA. When HCA bought the Forest Park facility in Frisco, it decided to operate it with a shared license with Medical Center of Plano, she said.
By using the shared license with the Plano hospital, the Frisco hospital was able to stay open and offer uninterrupted service, James said.
That is not what happened when Sabra sold the real estate associated with the Forest Park Medical Center in Fort Worth to Texas Health Resources for $121 million. The 150,000-square-foot Fort Worth hospital has 54 beds and a complex that includes an 80,000-square-foot office building was shut down in June, the day before Texas Health completed the purchase.
The hospital has not reopened, and Texas Health officials have suggested that it could remain that way for 30 to 45 days while it works out licensing issues, although company officials have said it will act as a satellite to Texas Health Harris Methodist Southwest Hospital, located about 5 miles away.
The Fort Worth and Dallas hospitals were part of a chain of hospitals that operated on a philosophy of giving patients more pleasant surroundings — natural lighting, interior decor with mood lighting and private rooms — as well as more individualized attention.
What really set the Forest Park model apart was that it tried to appeal to clients with private insurance, not Medicaid and Medicare coverage or polices sold under the Affordable Care Act The decision to not be “in-network” clearly hurt the Forest Park chain because the healthcare law precluded physician-owned hospitals from participating, investors and analysts said.
This story includes material from the Star-Telegram archives.