Florida-based Larkin Community Hospital said it has acquired Hollywood Pavilion Hospital and Hollywood Hills Nursing Home in Florida for $24.6 million.
The move will expand the integrated delivery system of the hospital as it gains a 50-bed hospital and 152-bed nursing and rehabilitation center.
Hollywood Property Investments, an affiliate of the South Miami-based hospital, won the auction against three other bidders on June 24, with a bid of $24.6 million, including $400,000 as a credit bid based on its allowable claim, according to the South Florida Business Journal.
Larkin previously purchased the $14 million loan owed by the facility’s owners. Three owner entities filed for bankruptcy. One, High Ridge Management, had as majority owner, former CEO Karen Kallen-Zury, who was sentenced to 25 years in prison on a conviction of fraudulently billing Medicare more than $39 million. Kallen-Zury has appealed, according to the report.