Cancer Treatment Centers of America Buys Parkview Hospital

PHILADELPHIA-Cancer Treatment Centers of America bought Parkview Hospital from an affiliate of Santa Barbara, CA-based Tenet Healthcare Corp. Tenet shuttered the revenue-losing facility in North Philadelphia last September during a corporate restructuring in which it closed or sold more than a dozen hospitals nationwide. This is Arlington Heights, IL-based CTCA’s first foray into the Northeast.

Financial terms of the sale were undisclosed. CTCA announced that plans for a $44-million renovation of the 200-bed, 273,800-sf facility and its conversion into a 40-bed specialty hospital would begin immediately. Robert Mayo, CTCA’s vice chairman, says he expects it to open by October 2005. The adjoining, 78,000-sf medical office building, which is a part of the sale and has remained open, will be undisturbed by the renovation and change of ownership.