Vi Enters Into Agreement with Senior Housing Properties Trust For Nine Rental Properties
Chicago, IL -
September 7, 2011
Vi has announced that on September 1, 2011, Senior Housing
Properties Trust (NYSE: SNH) agreed to purchase Vi's portfolio of
nine Classic Residence rental communities from affiliates of
CC-Development Group, Inc. The communities are currently operated
by Vi. Following the closing, the nine communities will be managed
by Five Star Quality Care, Inc. (NYSE: FVE).
CC - Development Group, Inc. will maintain ownership of its
quality portfolio of ten continuing care retirement communities and
home healthcare company, Senior Health Care Services, Inc. Vi will
continue to manage the continuing care retirement communities.
Randal J. Richardson, President of Vi, made the following
statement regarding the announcement:
"Over the past 24 years, Vi has
built a successful business with one of the most desirable
collections of senior housing properties in the United States. Our
long term commitment to best in class environments, service and
care has enabled us to become a premier provider of high quality
living communities for older adults.
"Vi has been privileged to serve
the residents of the Classic Residence communities and work with
the employees who have provided that high level of service. We
remain committed to continuing to provide our industry leading
service and care to our CCRC residents and Senior Health Care
Services clients.
"Our company continues to see
growth opportunities for its CCRC communities as the result of our
quality reputation, a differentiated brand and strong future
demographic trends."
About Vi
Vi, formerly Classic Residence by Hyatt, was founded in 1987 as
a developer, owner and operator of older adult living communities.
The company is dedicated to enriching the lives of older adults by
providing high quality environments, services and care. Vi
currently operates ten continuing care retirement communities
(CCRCs) and one rental community under a family of brands
nationwide. For more information about Vi communities, visit: www.ViLiving.com.
