Nursing Homes for Sale in Wyoming
Wyoming Business Report
CASPER -- Sunwest Management Co. of Salem, Ore., has tentatively agreed to sell about 45 assisted living facilities around the nation – including five in Wyoming -- in an effort to raise badly-needed cash.
The company says it will use a large chunk of the money to catch up those mortgages that are in default and to pay vendors. The company operates eight assisted living centers in Wyoming and reports that 5 of the more profitable units are part of the purchase agreement. Sunwest spokesman Steve Stradley declined to name the purchaser, indicating that final sales agreements have not been executed.
The largest Wyoming facility is Aspen Wind in Cheyenne with 73 beds. Park Place in Casper has 61 beds; Sierra Hills in Cheyenne has 60; and Spring Wind in Laramie and Meadow Wind in Casper each have 53 beds.
The Wyoming units to be sold include Aspen Wind and Sierra Hills in Cheyenne; Park Place and Meadow Wind in Casper; and, Spring Wind in Laramie. The transactions would likely become effective in early January. The potential purchaser has had teams visiting the buildings included in the sales agreements to review the physical structures, staffing, and future repair or remodeling needs.
Sunwest manages about 275 assisted living centers around the nation. Many of the buildings have memory care units and other specialized care facilities. There were plans to add a memory care wing at Casper’s Meadow Wind assisted living center after the Wyoming’s state Health Department completed new regulations for the care of Alzheimer’s Disease. The cash shortage apparently stopped plans for the new wing.
Stradley said the company is struggling financially and the sale of these units will bring in needed cash. A reorganization officer has been appointed to manage and direct certain actions designed to reduce costs, raise capital and be more efficient.