Mass. rehab hospitals get Ala. owner

A Birmingham, Ala., health care real estate development company has acquired New England and Braintree rehabilitation hospitals for $90 million.

The Sanders Trust, in a joint venture with its capital partner, Harrison Street Real Estate Capital, LLC, of Chicago, bought the real estate associated with the hospitals from Senior Housing Properties Trust of Newton and affiliates and simultaneously entered into 15-year leases with Reliant Hospital Partners of Richardson, Texas, to run them.

"They're excellent hospitals with a very strong quality of care," said Steve Hewett, senior vice president of The Sanders Trust.

Reliant Hospital Partners, which operates nine other inpatient rehabilitation hospitals in Texas and Ohio, did not return calls yesterday about what changes it intends to make at the two Bay State hospitals, which represent nearly two-thirds market share for rehabilitation services in the Boston metro area.

Braintree Rehabilitation Hospital, which has 166 licensed beds, and New England Rehabilitation Hospital, which has 198 beds and is located in Woburn, are also affiliated with several other inpatient and out-patient locations in eastern Massachusetts and provide patients with short-term rehabilitation, averaging more than 5,000 successful discharges annually.

In a statement yesterday, Senior Housing Properties Trust, which acquired the hospitals in 2002, said it expects to recognize a gain on their sale of more than $30 million, while simultaneously reducing its exposure to possible future cuts in government funding for Medicare, which paid a large majority of the hospitals' revenues.

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