Holiday Retirement To Join Atria Senior Living's Management Services Business
Atria Senior Living has announced a binding agreement to acquire the management services business of Holiday Retirement. The deal is expected to close in Q3 2021, alongside Welltower's acquisition of 86 Holiday-owned senior living communities. This merger will enhance Atria's portfolio, growing its reach to over 45,000 residents and 19,000 employees across 447 communities. Atria aims to improve operational efficiencies and offer a variety of senior living options while ensuring a seamless integration for Holiday's operations and community enhancements.
- Acquisition of Holiday Retirement's management services enhances Atria's market position.
- Combined entity will manage 447 communities, serving over 45,000 residents.
- Partnership with Welltower to invest in community improvements post-merger.
- None.
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.
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
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