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Larkin Community Hospital gets Florida facilities in bankruptcy auction

Hospital gains a 50-bed hospital and 152-bed nursing and rehabilitation center.

Susan Morse, Managing Editor

Photo of Larkin Community Hospital from Google Plus

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.

[Also: Tracking 2015 mergers and acquisitions]

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.

Twitter: @SusanMorseHFN