The real estate investment trust planning to buy a Blount Memorial Hospital location in Eastern Tennessee has cooled on the deal because of concerns about its national reputation, the hospital's CEO said at a special meeting Nov. 29.
Montecito Medical said Oct. 31 it was planning to buy the hospital's Springbrook location in Alcoa for $22.25 million, but concerns about the hospital's finances and internal political battles over the board setup have blunted Montecito's interest, Maryville-based BMH CEO Harold Naramore told the meeting.
The hospital group, which is expected to lose about $40 million in 2022, is seeking ways to get out of what Mr. Naramore called its "financial distress."