An owner/operator is exiting the long-term care industry with the sale of its 189-bed skilled nursing facility in Lafayette, Louisiana. Selling for $30 million, or $159,000 per bed, this transaction represents the highest per-bed price ever in the state of Louisiana, according to our M&A database, LevinPro LTC. Evans Senior Investments handled the transaction.
Built in 1992 and expanded/renovated in 2009 and 2012, the facility has a modern physical plant with 125 private rooms and 32 semiprivate units. Historically, it has been well occupied between 93% and 95%, with a quality mix of 26%. Before the pandemic, in FY2019, the facility generated $14.7 million in revenues, but operations and census plunged throughout 2020 and 2021. Occupancy dropped to 82% as of this August. That clearly did not have much of an impact on the facility’s value, in the end. A regional operator with an existing presence in Louisiana emerged as the buyer.
