From the Front Lines at NIC
As the hordes descended on San Diego for the Spring NIC conference, we soon learned that hotel rooms suddenly became available at the last minute. Why? Cancelations and no shows, perhaps 10% to 15%, as fears of the coronavirus spread. Larger conferences in the next several weeks have been canceled. For those of us braving the unknown, it was business as usual, elbow bumps instead of handshakes, and no problem finding meeting space in the networking lounge. Obviously, the biggest topic of conversation was the coronavirus, the potential impact on the economy in general, and specifically whether it would be a huge problem for the senior living sector. The worry was that if there were more... Read More »
Seniors Housing Stocks Crash
You can blame the overall plunge in the stock market, but seniors housing stocks crashed disproportionately more than the market as a whole. Capital Senior Living ended Thursday down 22% for the day at just $1.87 per share. This represents a market value of $57.6 million. Brookdale Senior Living plunged 12% to $5.01 on volume seven times its average. Brookdale’s market value is now $923 million. When will it all end? The problem is that it may not end until there is some clarity on when the coronavirus will run its course and what the ultimate economic impact will be. With both Washington state and California declaring a state of emergency, fears among senior living providers grow. If the... Read More »
NIC San Diego and The Coronavirus
Despite several cancellations we have heard of, we will be at NIC in San Diego to see you and talk deals. Good morning NIC attendees, at least those of you who decided to brave the coronavirus, which is here, in San Diego. I shouldn’t make light of it, as this virus is a killer, and if it is not contained, could do significant harm to the entire senior living industry. Perhaps in a way worse than even the worst flu season, but on steroids. Unfortunately, we have heard over the past several days of people canceling their trip to NIC, and entire companies telling their employees not to travel by air for business, even if they already had meetings set up at a conference such as NIC. Well, I... Read More »
Justin Hutchens Moves to Ventas
After several years of living across the pond, Justin Hutchens has decided to return home. Following a successful stint as CEO of HC-One, the UK’s largest senior care provider with more than 300 facilities, Hutchens will be moving to Chicago to be EVP, Senior Housing, North America at Ventas. We have known Justin for almost his entire career in senior living, and not only like him, but have a lot of respect for what he has accomplished. However (isn’t there always a however?), this will be the second CEO position he has left (National Health Investors was the other), and our gut tells us there must be something else because he will be one of four EVPs at Ventas. Yes,... Read More »
Can We Be Inspired?
High-end urban senior living may be the next big thing, but it will not be cheap. So, I was on a train Monday heading out of New York City and I looked up and saw an ad on the wall with a big “Senior Living” in the middle. Of course, it caught my attention. So I walked up to it and saw that it was an ad for the new Inspīr at Carnegie Hill being developed by Maplewood Senior Living and Omega Healthcare Investors on the Upper East Side of Manhattan. Construction started in June 2017 and it is supposed to open at the end of this quarter. With 23 floors, 212,000 square feet, 215 units and at an initial cost estimate of $285 million, it will be the most expensive assisted living community ever... Read More »Schedule a demo
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