West Virginia plans to sell four of its long-term care facilities to Marx Development Group, a privately held, full-service real estate development firm based in Fresh Meadows, N.Y., West Virginia Gov. Patrick Morrisey announced Aug. 12 during a news conference streamed on Facebook.
Mr. Morrisey said Marx Development Group has agreed to purchase Hopemont Hospital in Terra Alta, Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont and Lakin Hospital in West Columbia for $60 million.
“The sale of these facilities would produce a significant amount of revenue for the state, spur investment in the renovation and expansion of these facilities, and, I think, increase the level of quality of healthcare that’s provided to patients,” Mr. Morrisey said during the news conference. “We also believe that all this can be done in a way that preserves many jobs and retaining a lot of the staff that have been working hard for many, many years to provide care for their fellow West Virginians.”
As part of the deal, MDG has agreed to build three to five new facilities in West Virginia to replace the current aging and costly structures, the governor said.
According to the firm’s website, its portfolio includes 2,000 beds in nursing or assisted living facilities. Together, the four facilities in West Virginia — which all operate at a loss— have 511 licensed beds.
The sale is expected to close at the end of September, with a possible 30-day extension, according to West Virginia Watch.
