West Reading, Pa.-based Tower Health has sold Brandywine Hospital, a 171-bed hospital, to a subsidiary of real estate developer Regal Builders, a spokesperson for the system confirmed to Becker’s.
“This transaction enhances our financial position by increasing liquidity while removing the ongoing operational costs associated with maintaining the property,” the health system said in a statement. “This marks one of the final steps in our long-term strategy to rightsize our footprint, allowing us to focus resources on solidifying our presence as the leading health system in our core service areas of Berks, Northern Chester, and Western Montgomery counties, as well as St. Christopher’s Hospital for Children.”
Financial terms of the transaction were not disclosed.
Coatesville, Pa.-based Brandywine Hospital closed in December 2021.
