Brookdale Senior Living
Encyclopedia
Brookdale Senior Living is a company that operates senior's residences, established in 1978. It is a New York Stock Exchange
listed company. Brookdale is the largest owner and operator of senior living communities throughout the United States", operating over 570 senior or retirement communities in the US. They have 35,000 staff and 55,000 residents.
The company also offers Independent living, Personalized Assisted living, Alzheimer’s and dementia care, rehabilitation and skilled nursing. One whole-owned subsidiary company, Innovative Senior Care (ISC), offers rehabilitation, fitness and educational programming, and health services.
The Origins of Brookdale started in the late 1970s with the focus of Large Upscale Urban Retirement communities located in large cities Like Chicago, New York, and Miami. These early models replicated large full service Five Star hotels like the Hyatt, Marriott's and Hilton of the modern era. As the industry evolved into the late nineties and early 2000s, Brookdales major shareholder became Fortress Investments with approximately 51% holdings. Throughout the late nineties and early to mid 2000s Brookdale developed several more communities that resembled earlier models but also reflected the ever changing climate including Large Continuous Care Retirement Communities (CCRC) which house all brands of the aging process including Skilled Nursing, Assisted Living, Independent Living, and Memory Care facilities.
By early 2005 the company had grown to approximately 90 stand alone properties. During this times Fortress Investments had acquired the recently bankrupt Alterra Corporation (formerly Alternative Living Services) A Milwaukee WI based company who had developed and opened more than 500 stand alone Assisted Living and Memory Care properties throughout the USA between 1993 and 2003. At one Point Alterra was the largest provider of Assisted Living and Memory Care services within the United States catapulting ahead of the Industry Benchmark for Senior Living "Sunrise Senior Living of Virginia". Rapid growth proved costly and detrimental to the Alterra Corporation and that organization filed for chapter 11 bankruptcy protection in 2004. They managed to sell off a third of their assets and bring their facility total down to approximately 300. During the bankruptcy Fortress purchased Alterra and pondered whether to sell the company to Emeritus Senior Living, which was hired on to manage Alterra through the bankruptcy phase. By the time the management agreement with Emeritus was about to expire the remaining Alterra portfolio was thriving due to an aggressive push by corporate and divisional leaders to prove the company was not "dead" and was a valuable asset. Fortress at the 11th hour put together a merger that would bring their Successful Brookdale Portfolio together with their now rising Alterra Portfolio. This was approved and completed in early 2005 bringing the Brookdale property total to 390. From late 2005 to early 2007 Fortress and Brookdale took advantage of a strong market and an abundance in company cash reserves to acquire several smaller senior living organizations within the United States. These Included the April 2006 acquisition of Southern Assisted Living a Chapel Hill, North Carolina Based privately held company who managed approximately 45 properties in the Carolinas, predominantly North Carolina. Simultaneously the acquisitions of several smaller companies including Liberty Senior Services, Wellington Senior Living, and Southland properties brought Brookdale into the second spot on the leading providers list for Senior Care in the US right behind Sunrise.
In July 2006 Brookdale announced perhaps its most notable merger to date with the Nashville TN based, American Retirement Corporation (ARC) ARC operated approx 130 properties throughout the United States ranging from large CCRC campuses to Large Assisted Living and Independent Living facilities. They had been in the business since the late 1970s as well. Fortress saw this as an opportunity to put Brookdale at the forefront of Senior Living not just by sheer size but with the marrying of two of the longest-running and most successful companies in the industry. When the dust settled on the ARC merger Brookdale was operating approximately 550 communities in 36 states.
There would be no more acquisitions announced until October 2009 when the Wall Street Jornal reported that Brookdale Senior Living had entered into an Agreement with Sunrise Senior Living Services to acquire 21 free standing properties throughout the United States. The closing date for this acquisition was announced to be November 25, 2009.
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
listed company. Brookdale is the largest owner and operator of senior living communities throughout the United States", operating over 570 senior or retirement communities in the US. They have 35,000 staff and 55,000 residents.
The company also offers Independent living, Personalized Assisted living, Alzheimer’s and dementia care, rehabilitation and skilled nursing. One whole-owned subsidiary company, Innovative Senior Care (ISC), offers rehabilitation, fitness and educational programming, and health services.
The Origins of Brookdale started in the late 1970s with the focus of Large Upscale Urban Retirement communities located in large cities Like Chicago, New York, and Miami. These early models replicated large full service Five Star hotels like the Hyatt, Marriott's and Hilton of the modern era. As the industry evolved into the late nineties and early 2000s, Brookdales major shareholder became Fortress Investments with approximately 51% holdings. Throughout the late nineties and early to mid 2000s Brookdale developed several more communities that resembled earlier models but also reflected the ever changing climate including Large Continuous Care Retirement Communities (CCRC) which house all brands of the aging process including Skilled Nursing, Assisted Living, Independent Living, and Memory Care facilities.
By early 2005 the company had grown to approximately 90 stand alone properties. During this times Fortress Investments had acquired the recently bankrupt Alterra Corporation (formerly Alternative Living Services) A Milwaukee WI based company who had developed and opened more than 500 stand alone Assisted Living and Memory Care properties throughout the USA between 1993 and 2003. At one Point Alterra was the largest provider of Assisted Living and Memory Care services within the United States catapulting ahead of the Industry Benchmark for Senior Living "Sunrise Senior Living of Virginia". Rapid growth proved costly and detrimental to the Alterra Corporation and that organization filed for chapter 11 bankruptcy protection in 2004. They managed to sell off a third of their assets and bring their facility total down to approximately 300. During the bankruptcy Fortress purchased Alterra and pondered whether to sell the company to Emeritus Senior Living, which was hired on to manage Alterra through the bankruptcy phase. By the time the management agreement with Emeritus was about to expire the remaining Alterra portfolio was thriving due to an aggressive push by corporate and divisional leaders to prove the company was not "dead" and was a valuable asset. Fortress at the 11th hour put together a merger that would bring their Successful Brookdale Portfolio together with their now rising Alterra Portfolio. This was approved and completed in early 2005 bringing the Brookdale property total to 390. From late 2005 to early 2007 Fortress and Brookdale took advantage of a strong market and an abundance in company cash reserves to acquire several smaller senior living organizations within the United States. These Included the April 2006 acquisition of Southern Assisted Living a Chapel Hill, North Carolina Based privately held company who managed approximately 45 properties in the Carolinas, predominantly North Carolina. Simultaneously the acquisitions of several smaller companies including Liberty Senior Services, Wellington Senior Living, and Southland properties brought Brookdale into the second spot on the leading providers list for Senior Care in the US right behind Sunrise.
In July 2006 Brookdale announced perhaps its most notable merger to date with the Nashville TN based, American Retirement Corporation (ARC) ARC operated approx 130 properties throughout the United States ranging from large CCRC campuses to Large Assisted Living and Independent Living facilities. They had been in the business since the late 1970s as well. Fortress saw this as an opportunity to put Brookdale at the forefront of Senior Living not just by sheer size but with the marrying of two of the longest-running and most successful companies in the industry. When the dust settled on the ARC merger Brookdale was operating approximately 550 communities in 36 states.
There would be no more acquisitions announced until October 2009 when the Wall Street Jornal reported that Brookdale Senior Living had entered into an Agreement with Sunrise Senior Living Services to acquire 21 free standing properties throughout the United States. The closing date for this acquisition was announced to be November 25, 2009.