This article reads like a press release or a news article and may be largely based on routine coverage .(October 2023) |
Company type | Private |
---|---|
Industry | Senior Living |
Founded | 1996 |
Headquarters | Louisville, Kentucky, U.S. |
Key people | Holly Belter-Chesser, CEO |
Website | www |
Atria Management Company, LLC (AMC) is a subsidiary of Atria Senior Living, Inc. (ASL). [1] Along with another subsidiary of ASL, Atria Management Company manages independent living, assisted living, supportive living, and memory care communities in more than 344 locations in 44 U.S. states. In Canada, ASL subsidiary Atria Management Canada, ULC manages 29 Atria Retirement communities in seven Canadian provinces. Collectively, Atria communities are the residence of choice for approximately 40,000 senior adults and the company employs more than 14,000 staff. Atria is based in Louisville, Kentucky. [2]
In the U.S., Atria communities are concentrated along the east and west coasts, including 26 communities in metropolitan New York, and 59 in California with concentrations in the Bay Area, Orange County and Los Angeles markets. Atria also has a significant presence in metropolitan areas including Toronto, Boston, Houston, Atlanta, Dallas, Seattle, and Portland. [3]
Atria Home Care, LLC, also a subsidiary of ASL, provides private duty aide and companion services in the New York City metropolitan area for senior adults. [4]
AMC communities are managed under consumer brands that include Atria Signature. Atria Management Canada, ULC manages Canadian communities under the brand name Atria Retirement Canada. [5]
Coterie is a joint venture between Atria and Related Companies that offers senior living and care in cities across the country. [6] Atria Signature communities feature apartments, amenities, and care primarily in coastal markets. Atria Park communities provide care, concierge service, and advanced-stage memory care, catering to seniors in upmarket urban and suburban cities. Atria Senior Living communities have a focus on assisted living, primarily in suburban markets. Holiday by Atria provides independent living for older adults at what it calls "an approachable price point". [7] Atria Retirement Canada offers independent living to older adults from British Columbia to New Brunswick. [8]
Atria began in 1996 when Vencor spun off its assisted living and independent living senior living communities into a public company called Atria Communities, Inc. It had 22 communities in 13 states with a total of 3,022 units, including 650 Assisted Living units and 2,372 Independent Living units. [9]
In 1998, a real estate private equity fund sponsored by an affiliate of Lazard Freres and Company (Lazard Freres Real Estate Investors, ”LFREI”) purchased Atria Communities, Inc. for approximately $750 million, merging Atria with its Kapson Senior Quarters unit. [10]
In June 2003, Atria announced it was merging with ARV Assisted Living of Costa Mesa, California which was also owned by an affiliate of Lazard Freres Real Estate Investors LLC [11] . On October 1, 2003, Atria Senior Living Group (“Atria”) named John A. Moore as Chief Executive Officer of the combined Atria-ARV company. [12]
By 2010, Atria had become the nation's fourth largest senior living provider. In October 2010, Ventas, Inc. (NYSE: VTR) announced that it would acquire Atria's real estate assets for a total purchase price of $3.1 billion, using 24.6 million shares of Ventas common stock, worth approximately $1.35 billion, $150 million in cash and the assumption or repayment of $1.6 billion of net debt. As part of the transaction, Atria was spun off as a management services business owned by LFREI affiliated funds and members of the Atria management team, and would continue to manage the assets sold to Ventas. [13]
In late 2012, Ventas and members of Atria's senior executive team acquired the 85% of Atria owned by the LFREI funds, resulting in Atria being owned 66% by the Atria senior executive team and 34% by Ventas. [14]
In 2014, Atria moved its Louisville, Kentucky headquarters to downtown Louisville and expanded its space again in 2017. [15]
By 2016, Atria had more than doubled its revenue under management to over $1.3 billion. [16]
In September 2017, Atria's response to Hurricane Irma resulted in evacuating nearly 1,000 residents, staff, and staff family members from Florida communities to the Walt Disney World Swan and Dolphin Resort in Orlando. [17]
In December 2017, Fremont Realty Capital, the investment office of the Bechtel family of San Francisco, acquired 50% of the Atria senior executive team's ownership, providing an infusion of investment capital for innovation, growth, and property development. The transaction resulted in an ownership mix of 33% Atria senior team, 33% Fremont, and 34% Ventas. [18]
In 2018, Atria announced a joint venture with luxury real estate firm Related Companies to develop, own and manage more than $3 billion worth of senior living communities in major, urban markets across the U.S. The joint venture initially includes sites in New York City, San Francisco and Boston, while targeting Los Angeles, Miami, Washington D.C., and other major metropolitan areas. [19]
In November 2018, the company safely evacuated all of its Atria Paradise residents and staff from the devastating California “Camp Fire” that destroyed some 1,000 structures and took multiple lives. [20]
In July 2021, Atria became the country's second largest senior living operator with the completion of its acquisition of the management services business of Holiday Retirement, a Winter Park, Florida-based independent living provider. [21]
In 2021, Atria began marketing Glennis Solutions, a company developing operations management software, to other senior living providers. [22]
In May 2021, Atria staff had reportedly reached a 98% vaccination rate as a result of a vaccine mandate announced in January 2021. [23] In October 2021, Atria and its Holiday subsidiary reported near 100-percent staff vaccine participation rates. [24]
According to the J.D. Power 2021 U.S. Senior Living Satisfaction StudySM Atria Senior Living ranked highest in family member / decision-maker overall satisfaction with assisted living and memory care providers. [25]
In October 2022, it was announced that Glennis Solutions would combine with two other companies, Enquire and Sherpa, to create a comprehensive software platform for the senior living industry. The move fulfilled Atria's intentions for Glennis to be a completely independent business serving industry operators with a full suite of business applications. The combined company will reportedly serve more than 50 of the largest 150 senior housing operators, and more than 800 customers in total, representing 5,700 communities across the senior living, post-acute and home care sectors. [26]
In 2023, 49 Atria communities received the Caring Star Award from senior living industry referral website Caring.com, leading senior living providers in the number selected. [27]
In March 2024, Holly Belter-Chesser assumed the role of Atria's CEO. [28]
Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked company based in Kentucky. It is the fourth largest health insurance provider in the U.S.
Lazard Inc. is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.
HCA Healthcare is an American for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owned and operated 186 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 21 states and the United Kingdom. As of 2023, HCA Healthcare is ranked #66 on the Fortune 500 rankings of the largest United States corporations by total revenue.
Kindred Healthcare was a post-acute healthcare services company that operated long-term acute-care hospitals and provides rehabilitation services across the United States.
Managed services is the practice of outsourcing the responsibility for maintaining, and anticipating need for, a range of processes and functions, ostensibly for the purpose of improved operations and reduced budgetary expenditures through the reduction of directly-employed staff. It is an alternative to the break/fix or on-demand outsourcing model where the service provider performs on-demand services and bills the customer only for the work done.
The Caisse de dépôt et placement du Québec is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board. It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development. As of December 31, 2023, CDPQ managed assets of C$434 billion, invested in Canada and elsewhere. CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at Édifice Jacques-Parizeau.
Peter Richard Orszag is an American business executive and former government official. He is the Chief Executive Officer of Lazard.
Community Health Systems (CHS) is a Fortune 500 company based in Franklin, Tennessee. It was the largest provider of general hospital healthcare services in the United States in terms of number of acute care facilities. In 2014, CHS had around 200 hospitals, but the number had declined to around 85 in 2021.
Chartwell Retirement Residences is the largest provider of seniors' housing in Canada, serving over 25,000 residents across Quebec, Ontario, Alberta, and British Columbia. Chartwell offers a range of seniors housing communities, from independent living to assisted living.
PharMerica is a Fortune 1000 company formed in January 2007 from the merger of Kindred Healthcare's pharmacy business with a subsidiary of AmerisourceBergen.
Genesis HealthCare is a provider of short-term post-acute, rehabilitation, skilled nursing and long-term care services. According to data provided by the Centers for Medicare & Medicaid, as of November 1, 2023, Genesis owned or operated 290 skilled nursing facilities with 34,047 bed through 105 affiliates in 25 states in the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. Genesis has approximately 80,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania.
ProMedica Senior Care, formerly HCR ManorCare Inc, is a major provider in the United States of both short-term post-acute and long-term care. As of 2020, it had more than 300 skilled nursing and rehabilitation centers, assisted living facilities hospice and home health care offices, and over 45,000 employees. The company is headquartered in Toledo, Ohio. In July 2007, it agreed to a $4.9 billion buyout offer from the private equity firm Carlyle Group. In 2018, HCR ManorCare filed for bankruptcy protection and agreed to be taken over by its landlord, Quality Care Properties and in April 2018, Quality Care Properties was acquired by a joint venture between Welltower and ProMedica. In November 2022, ProMedica announced it would end its joint venture with Welltower and would cede its 15% ownership of ProMedica Senior Care. Welltower announced a partnership with Integra Health shortly after which will take over control of all but 10 skilled nursing facilities from ProMedica. ProMedica will continue to operate the assisted living facilities gained under the original agreement.
A Place for Mom, founded in 2000, is a privately held, for-profit senior care referral service headquartered in New York, New York. The company provides personal and professional assistance to families in search of senior care options. Their service is free to families. They are paid by the senior living communities and homecare providers on its platform. A majority of the company is owned since August 2017 by equity capital firms General Atlantic and Silver Lake. Insight Partners now owns a minority stake as part of the company's $175M capital raise in January 2022. Previously they used former Good Morning America host Joan Lunden in their advertising.
Emeritus Corporation doing business as Emeritus Senior Living was a provider of independent living, assisted living, Alzheimer's care, and skilled nursing for seniors living in Emeritus communities throughout the United States. The company was founded in 1993, and was acquired by Brookdale Senior Living in July 2014 after a $23 million punitive damages award against it in a civil lawsuit in 2013.
Holiday Retirement, originally known as Holiday Management Company, is a U.S. senior living management company with headquarters in Winter Park, Florida. Founded in 1971 by William E. Colson and his father, Hugh Colson, Holiday Retirement is a privately held company that currently manages 240 retirement communities with over 25,000 total residents, making it one of the largest providers of independent senior living.
Erickson Senior Living is an owner, manager and developer of retirement communities in the United States. It provides independent living, assisted living, memory and skilled nursing care, managing 20 campus-style retirement communities in 11 states. Headquartered in Catonsville, Maryland, it employs 14,000 people for 24,000 residents as of 2017.
API Healthcare is based in Hartford, Wisconsin and is a developer of healthcare-specific workforce management software. The company is best known for providing workforce management solutions to the healthcare industry.
Change Healthcare is a provider of revenue and payment cycle management that connects payers, providers, and patients within the U.S. healthcare system. The name also refers to a company founded in 2007 which subsequently became part of the current conglomerate. The company operates the largest financial and administrative information exchange in the United States.
Sunrise Senior Living is an American operator of senior living communities. As of 2022, it operates over more than 270 assisted living facilities throughout the United States and Canada making it the sixth-largest senior living provider in the U.S.
Sienna Senior Living Inc. is a Canadian publicly traded senior housing company based in Markham, Ontario. As at 31 December 2019, the company owned and operated 70 seniors’ living residences in addition to managing 13 residences for third parties; all were located either in Ontario or B.C. In Ontario, Sienna was the largest long-term care operator. The company is listed on the Toronto Stock Exchange.