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Metropolitan Hospital of Miami Sold Again

Metropolitan Hospital of Miami is being sold for the second time in seven years, according to a Miami Herald report.

Gene Marini, the hospital's CEO, wrote in a memo to employees the hospital is in a sale process and has struck an agreement with a buyer, although the sale price has not been disclosed, according to the report. Mr. Marini did not identify the buyer and didn't indicate whether hospital workers would be able to keep their jobs under the new owner.

Florida’s Agency for Health Care Administration — which must approve the transaction — got a change of ownership application for the hospital about two weeks ago, according to the report.

Metropolitan last changed ownership and names in 2007, when a Puerto Rico hospital chain bought the facility, which was then called Pan American Hospital, out of bankruptcy court for $34 million. The hospital hasn't been faring well financially for the past few years and lost $4.4 million on operating expenses of approximately $43.8 million in 2011, according to the report.

More Articles on Hospital Sales:
13 Recent Hospital Transactions and Partnerships  
California AG Approves 2 Hospital Transactions
Hospital & Health System Transactions February 2014 

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