Keiro Senior HealthCare, better known simply as Keiro, has quietly negotiated the sale of all four of its properties to Pacifica Companies, a private real-estate firm. Pacifica is only guaranteeing one year at the current established fees for residents of Keiro, after which the fee may increase at whatever rate they decide. Additionally, Pacifica has only committed to a 5 year period as far as maintaining the facilities for elderly care, after which they reserve the right to do whatever is in their best interest. Interestingly, their philosophy is to “always strive to achieve the greatest returns to the company while maintaining diversification and substantial liquidity, as well as minimizing risk to Pacifica’s and our partners’ capital.”
As you will see, the documentation is a weak excuse as to the Attorney General’s decision to waive the public hearing regarding the sale. You will note that many of the meetings where Keiro claimed were to provide transparency for the sale to Pacifica were either 1) during the time-period of the Ensign deal; or 2) were events where there was no mention/discussion of any sale, e.g. a donor’s gala.