Atria Senior Living, an operator of senior living communities across the United States and Canada, has entered into a binding agreement to acquire the management services business of Holiday Retirement. The combined company will create North America’s second largest senior living operator, Atria said, serving more than 45,000 residents with more than 19,000 employees and manage 447 communities across 45 states and seven Canadian provinces.
The transaction is expected to close during the third quarter of 2021, simultaneously with the Welltower 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.
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.
“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,” said Atria Senior Living Chairman and CEO John Moore.
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 luxury urban communities underway in a joint venture with Related Companies.
(Photo courtesy of PRNewsFoto/Atria Senior Living)
