Sierra Vista (Ariz.) Regional Health Center announced it completed a long-term operation lease agreement, effective today, with Brentwood, Tenn.-based RegionalCare Hospital Partners to operate a new 100-bed regional hospital.
The transaction between the two organizations closed April 30, concluding the letter of intent they signed in January to enter into discussions over the project.
The new hospital will be constructed on 70 acres of land currently owned by SVRHC, to be dubbed its "East Campus." Construction is scheduled to begin later this year and will be completed within 18 months. As part of the agreement, RegionalCare has committed $11 million in capital investments to the new center and an additional $18 million to recruit more than 25 additional physicians over the next seven years to join the staff.
SVRHC operates one 88-bed acute-care hospital and several outpatient and imaging facilities in the region. RegionalCare, a for-profit operator, will have eight community hospitals in its network once the new hospital opens.
Financial details and the length of the lease were not disclosed.
LSU Board Approves Leasing 2 Hospitals to Private Operators
Duke LifePoint Matches HMA's $200M Bid for Munroe Regional in Florida
The transaction between the two organizations closed April 30, concluding the letter of intent they signed in January to enter into discussions over the project.
The new hospital will be constructed on 70 acres of land currently owned by SVRHC, to be dubbed its "East Campus." Construction is scheduled to begin later this year and will be completed within 18 months. As part of the agreement, RegionalCare has committed $11 million in capital investments to the new center and an additional $18 million to recruit more than 25 additional physicians over the next seven years to join the staff.
SVRHC operates one 88-bed acute-care hospital and several outpatient and imaging facilities in the region. RegionalCare, a for-profit operator, will have eight community hospitals in its network once the new hospital opens.
Financial details and the length of the lease were not disclosed.
More Articles on Hospital Leases:
New Orleans Children's Hospital Balks at Lease's Mental Health MandateLSU Board Approves Leasing 2 Hospitals to Private Operators
Duke LifePoint Matches HMA's $200M Bid for Munroe Regional in Florida