Ventas has officially transitioned management of its Elmcroft portfolio to newly-formed Eclipse Senior Living.
It is now official. The operations of the Elmcroft Senior Living portfolio of 76 properties, with the real estate owned by Ventas, has officially been transferred to Kai Hsiao’s new company, Eclipse Senior Living.
Ventas has acquitted a 34% interest in Eclipse, with the remaining 64% being held by Eclipse management, which now includes Shamim Wu, Kai’s former colleague at Holiday Retirement Corporation. She recently did a 10-month stint as president and COO of Silverado.
This will be an interesting test, since the Elmcroft portfolio was obviously having some financial problems meeting its rent obligations to Ventas, resulting in the change in management. Eclipse will be the manager, not the tenant, so that risk should disappear. Not that Debbie won’t demand performance. Still, taking over management during the worst flu season in several years, with labor costs rising as industry census is flat or declining, could be daunting. Although Wu will be COO, we assume she will be relying on her past sales and marketing experience at Holiday and Emeritus to help boost census. May the force be with them.
