Why a Maine hospital is buying a pizza shop

Maine Medical Center, a 637-bed facility in Portland, will buy local restaurant Pizza Villa as part of its $512 million expansion project, the Portland Press Herald reports.

Advertisement

Hospital officials said the institution entered into a purchase agreement with Pizza Villa owners Tony and Phil Regios to acquire the shop and its three-story building for an undisclosed price. The hospital, which will also help find a new operator for the restaurant, expects to close on the deal in March 2019.

“We’ve been a part of this community for a long time, and we’d like to thank all our customers and friends who have come through our doors over the years,” Tony Regios said in the prepared statement obtained by the Portland Press Herald. “The medical center was the logical organization for us to sell to. They are very interested in seeing the business continue to operate and thrive.”

Zoning laws governing the hospital’s expansion stipulate the first floor of the Pizza Villa building house “community oriented/retail uses,” the report states.

The expansion project aims to add three floors to the hospital’s visitor garage, two floors to the hospital’s east tower, 128 single-occupancy patient rooms, and 19 procedure rooms for surgery and other treatments.

More articles on transactions and valuations:
HCA deal doesn’t deter 24-bed hospital from keeping Mission Health affiliation
Nebraska’s last large community health system joins 3-hospital system
Businessman disappears ahead of bankrupt California hospital sale

At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.

Register to Attend Webinar

From fragmentation to operational flow: Solving the healthcare workforce puzzle

Tuesday, August 11
1:00 PM - 2:00 PM CDT

Presenters: Dr. Pat Hunt, QGendaAndrea Daugherty, MHA, CISSP, CHCIO, CDH-E, Arrowhead Regional Medical CenterElizabeth Lindsay-Wood, MBA, CHCIO, CDH-E, Moffitt Cancer CenterDeb Muro, El Camino HealthJohn Tejeda, D.H.A., MLS, MPAS, DFAAPA, LSSBB, FACHE, Vascular and Neuroscience Institute

Advertisement

Next Up in Transactions & Valuation Issues

Advertisement

Comments are closed.