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Health-Care Market Fever Registers $55-Mil Sale

PHOENIX-It's undoubtedly the region's healthiest this year, judging from construction and acquisitions. The muscle flexing continues with TN-based Iasis Healthcare spending $55 million for hospitals in Phoenix and Tempe.

By D.J. Burrough | Updated on October 18, 2001

PHOENIX-The surge in hospital acquisitions and development in the Valley continues, with two more hospitals changing hands in a $55-million deal.

Iasis Healthcare Corp. of Franklin, TN has bought the 350-bed St. Luke’s Medical Center in central Phoenix and 109-bed Tempe St. Luke’s Hospital in Tempe. Iasis operated the hospitals for the past two years and is now purchasing them from Meditrust, the health-care subsidiary that’s been selling assets for more than year as its Dallas-based REIT focuses energy and capital on La Quinta Inns Inc.

Iasis has been spending about $7.7 million annually in rent for the hospitals. The acquisition was financed with a $30-million, incremental secured-term loan and a revolving credit facility.

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