Alan Plush, Senior Partner, HealthTrust LLC, announced today that his firm has inked a deal with Canadian Real Estate Appraisal Company H. Hiscox & Associates to form HealthTrust Canada ULC. “We first connected in June this year through Sunrise Senior Living, Inc., a mutual client with senior communities in Canada and United States,” said Plush. “They wanted some assistance on a project that included a property here in the States and we were glad to help,” continued Plush. Stephen Hiscox, AACI, President of the newly formed HealthTrust Canada, ULC, said he welcomed the opportunity to incorporate the technology that the Sarasota based firm has developed. “Over the past 15 years, HealthTrust has engineered proprietary systems of database management and technology called HealthComps™. These major advancements afford us market intelligence that would have taken us years to develop on our own,” said Hiscox. “This is a good marriage,” he added.
With the addition of HealthTrust Canada, ULC, HealthTrust, LLC moves into the international arena. “This is a logical progression for us,” said Plush. “Our focus is Senior Housing and Healthcare real estate valuation and advisory services. This burgeoning market is facing explosive growth in the immediate future as the Baby Boom Generation hits its Golden Years. Our new partners have an impressive client list that includes Canada’s largest Senior Housing & Healthcare companies. As the Senior Housing industry continues to grow and further consolidate, we want to be the top valuation firm in the Senior Housing and Healthcare segment. This partnership propels us toward that goal.”
HealthTrust, ULC is located in Markham, Ontario, ten miles northeast of Toronto.
Alan Plush was appointed to the Executive Board of American Seniors Housing Association (ASHA) during their May board meeting in Chicago, IL. Mr. Plush has been active with the Executive Board previously, occupying the seat maintained by PricewaterhouseCoopers, and this marks his reappointment for the benefit of HealthTrust, LLC. Mr. Plush has been active with ASHA virtually since its formation, and has been instrumental with HealthTrust’s contribution to ASHA’s publication, the Senior Housing Investment Transaction Report and the joint publication of ASHA, NIC, HealthTrust and PricewaterhouseCoopers, the State of Seniors Housing study.
HealthTrust, LLC was engaged by Aareal Bank, a leading German commercial bank, to consult with Ernst & Young, LLP on the valuation of a proposed Sunrise ALF to be constructed in Hamburg, Germany. Senior Partner Alan Plush completed site visits and held dialog with E & Y over the course of 2 months to develop a demand/supply and valuation model for this venture. Sunrise currently has properties in the UK, and this marks a continuation in their overseas development strategy.
“This was an exciting application of our technology (in the form of valuation modeling) to another country and culture” says Plush of the experience. “It was surprising to see how their service delivery of Senior Housing and Healthcare had worked along similar lines as ours in the U.S.” In addition to a lasting impression of the German healthcare system, Mr. Plush formed several key relationships that should be valuable for future assignments in Europe.
On February 7, 2003, PricewaterhouseCoopers spun off its healthcare and senior housing valuation and consulting practice. The new firm’s principals, Alan C. Plush, MAI, Colleen H. Blumenthal, MAI, W. Joseph Daniels and David Rey Salinas, ASA, and staff, will continue operations from their Sarasota, FL headquarters. Regional offices also include Birmingham, AL and Boston, MA.
In the words of Alan Plush, Senior Partner, “This allows us to work more freely with our current and previous clients, work that we often could not take given independence and regulatory issues.” While the association with PricewaterhouseCoopers was extremely productive and beneficial for all parties, the impact of the accounting reform act, Sarbannes-Oxley, was increasingly challenging. The amicable spin off was a result of the realization on both sides that the fit was no longer there.
The firm annually completes some 400 healthcare and senior housing appraisals, market and feasibility studies, on all property types including Nursing Homes, Independent Living and Assisted Living facilities, Continuing Care Retirement Centers and Hospitals.
While the physical location will remain unchanged, new phone numbers will take effect March 31, 2003 (which have not yet been assigned). Old numbers will remain in affect until the installation.
During 2002, HealthTrust, LLC prepared 101 appraisals for Life Care Centers of America. Of these 83 went through the HUD MAP Financing process. Twenty HUD offices were involved with the underwriting process and the last of the appraisals were finalized in February 2003. HealthTrust Partner W. Joseph Daniels was responsible for the project. “One of our primary areas of expertise involves the completion of large portfolio assignments. We have been engaged on several large skilled nursing facility portfolios during the past decade, including most recently the Life Care Centers of America HUD refinancing and the Beverly Healthcare Florida transaction.”
The LCCA HUD refinance consisted of a bridge loan with Credit Suisse First Boston, followed by a HUD takeout requiring re-appraisals in HUD format. The bridge loan of $398,500,000 involved 86 properties, totaling 10,550 beds in 22 states.
The Beverly Healthcare transaction represented the company’s exit from the state of Florida, a result of the current liability insurance crisis in that has affected Florida skilled nursing facilities. The transaction consisted of a $165,000,000 sale price involving 52 properties with a total of 6,300 beds.
This month, PricewaterhouseCoopers’ Senior Advisory Services (SAS) completed appraisals of 87 nursing homes, mental health facilities and rehab hospitals located in 17 states. In addition to working with nine different operators at the facilities, the SAS team worked with two due diligence teams at Ernst and Young to develop agreed upon procedures and complete the due diligence. The assignment was performed in less than 75 days.
In the words of Colleen Blumenthal, Manager, “Our team had the experience and focus to deliver a work product acceptable to rating agencies and assist Merrill Lynch during the transition, while working with both internal, and contracted due diligence teams.”
PwC’s Senior Advisory Services group annually completes some 400 healthcare and senior housing appraisals, market and feasibility studies, on all property types including Nursing Homes, Independent Living and Assisted Living facilities, Continuing Care Retirement Centers and Hospitals.
On Friday, March 1, Boston resident Dave Salinas played what will likely be the most exciting round of his life at Sand Piper Country Club in Santa Barbara, CA. Salinas, who won Maxfli Golf’s Dream Round to play 18 with his favorite golfer, PGA Tour Professional Fred Couples, admits he had some first-tee jitters.
“I didn’t realize how nervous I was until the first tee,” Salinas, an avid player and 2 handicap said. “My hands were a little numb, and it took me about four or five holes to get comfortable. And, then, Troy Aikman (former Dallas Cowboys quarterback) played through. It was truly a surreal experience, from the time I got to the club and bumped into Freddie in the parking lot, goofing around hitting practice balls, to interviewing with television media. ”
Despite the distraction and local television media, Salinas posted an 80 on what’s regarded as a pretty tough course. And Couples? “Freddie played like Freddie,” Salinas said. “He had a casual 70, was right down the middle all day long, and finished birdie, birdie, birdie.”
Salinas came away from the experience with a newfound appreciation for the skill level of PGA Tour players, and some personalized lesson advice from Couples. “On 17 and 18, Fred told me to drop down a club and hit a softer cut shot on my irons. I took his advice and made a birdie on 17, and stuck it on 18. I’m definitely going to practice what he showed me.”
Couples also enjoyed meeting one of his fans. “David’s a true golf nut, and we had fun talking about the Red Sox, various golf tournaments and the game of golf,” Couples said. “I really enjoyed meeting him and getting to know him.”
Before meeting Couples, Salinas would follow Couples at the various PGA Tour events he travels to. If it’s possible, he’s even more of a fan now than ever. “Fred told me to come see him at the Masters. I have tickets to the practice round on Wednesday, and I’m going to follow him at Augusta.”
In a day filled with memories, Salinas believes what he’ll remember most is “how cordial Fred was. It was great to play with him; it was great to meet him; it was just an incredible day. He even hung out afterward and had a beer with us. He’s the real deal…he’s just a super, super guy.”
Maxfli Golf, based in Greenville, SC, is a division of TaylorMade-adidas Golf and offers better amateur and professional golfers worldwide unparalleled choices in high performance golf balls, golf clubs, golf gloves and accessories.
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