Texas Health Resources has outbid at least one rival hospital chain to acquire the Forest Park Medical Center – Fort Worth, offering $116.5 million for the high-end hospital.
On May 12, an auction was held to sell the Fort Worth hospital and medical office real estate and Texas Health Resources was the winning bidder, according to Sabra Health Care REIT Inc., owner of the hospital. The other major bidder for the hospital, located in the Clearfork development in southwest Fort Worth, was Methodist Health Systems, based in Dallas, which owns the Mansfield Methodist Medical Center, according to bankruptcy filings and sources familiar with the case. Methodist last month acquired the Forest Park Medical Center – Southlake.
A hearing is scheduled for May 19 to approve the sale to THR. Sabra expects to fully realize all amounts outstanding under the Fort Worth construction loan upon closing of the sale to THR.
Forest Park Medical Center first opened in Dallas in 2009, then opened the Fort Worth location last year in the new Clearfork development. There were also locations in Southlake, Frisco and San Antonio. All the locations have either closed, filed for bankruptcy or have been sold. Because they were chartered separately, they all field for bankruptcy separately.
The Fort Worth location is a 54-bed acute care hospital, developed by the Neal Richards Group of Dallas.
Earlier this month, HCA North Teas completed its deal for Forest Park Medical Center – Frisco, rebranding the upscale facility as Medical City Frisco. Earlier this week, THR announced a joint venture that will expand the Arlington-based company’s reach throughout North Texas.
Under the joint venture, Adeptus Health’s 27 freestanding First Choice Emergency Rooms in North Texas, and its First Texas Hospital in Carrollton, will become aligned with Texas Health, which is made up of 25 acute-care and short-stay hospitals throughout North Texas. All the locations will be rebranded under the Texas Health name.