BRIDGEPORT: A report late Thursday, February 23 in the Connecticut Post revealed that management at Bridgeport’s St. Vincent's Hospital has told employees that a merger or sale of the hospital was possible.
No official actions have been filed with the state, but employees were given a heads up last week at employee, management “town hall” meetings.
According to the Post, Dianne Auger, senior vice president and chief strategy officer at the hospital and president and CEO of the St. Vincent’s Medical Center Foundation, told employees, “we are exploring a variety of strategic options for St. Vincent’s.”
The St. Vincent's Medical Center is a 473-bed acute care Catholic hospital in Bridgeport, and with 3,700 hundred employees, it is the city’s largest employer.
New Haven’s former Catholic Hospital, Saint Raphael’s was purchased by the Yale New Haven Health System in 2012. The Yale system owns the 425 bed 2,300 employee Bridgeport Hospital.
Officials at Yale would not comment on any discussion they may have had with St. Vincent’s.
In September the state of Connecticut gave the go ahead for Yale’s purchase of New London’s Lawrence+Memorial Hospital, after Governor Dannell Malloy relented having previously declared a “moratorium” on hospital mergers.
In addition to Yale there are at least three potential suitors for St. Vincent’s.
Trinity Health New England, the Catholic hospital group includes Hartford’s Saint Francis Hospital, Waterbury’s Saint Mary’s, Mercy Medical Center in Springfield Mass., and Johnson Memorial Hospital in Stafford Springs. Trinity Health, New England is part of the larger Trinity Health, one of the largest multi-institutional Catholic health care delivery systems in the nation. It serves communities in 22 states with 92 hospitals. Based in Livonia, Mich., it has annual operating revenues of $15.9 billion and assets of $23.4 billion.
Another possible purchaser is the Hartford Healthcare System which includes; Hartford Hospital, the Hospital of Central Connecticut in New Britain, Backus Hospital in Norwich, Windham Hospital, and Mid State Medical in Meriden.
Prospect Medical Group is a private for profit company that owns or operates 21 hospitals, as well as 140 clinics and outpatient centers. In October, 2016 it purchased the Waterbury Hospital, the Eastern Connecticut Health Network, including Rockville General Hospital and Manchester Memorial Hospital in a transaction totaling $335 million.
The Connecticut Post report can be found at this link:
By Mitchell Young
WINDSOR LOCKS: Vikings first found their way to the Americas in the tenth century, they reportedly didn’t stick around, but now some are back and they are offering really low cost air service, to Europe from Connecticut.
Nutmeggers taking off to Europe this summer will get a big boost from Norwegian Air [NAS.OL]. The discount airline has chosen Bradley International as a departure point to Edinburg, Scotland. Did we say discount, we mean basically near free, at least for a few passengers. The cost this summer will only be $65 for a limited number of one-way fares, there will be a $99 option available as well.
Passengers will pay additional tariffs, for food, baggage, a reserved seat, headphones and blankets however. A wink from the steward, Oxygen and a trip to the rest room are reportedly still included in the discount price. Considering the ala carte menu, unless your pockets are stuffed with cash,, Scandinavians or no – you might want to steer clear of the Mile-High Club.
By Mitchell Young
DANBURY: GE’s sale of its sprawling campus to Sacred Heart University and the relocation of employees to Boston and Norwalk, appears to be part of a larger undercurrent of corporate management. Major companies revisiting how they structure their faclity needs is having a major effect on Fairfield County’s corporate real estate market.
Making matters more difficult for two signature office buildings however, is the untimely death of the founder of the Matrix Realty Group.
The quick take away: respondents are generally positive about markets, except for the office market and the overall economy, Of the 72 respondents 47 were brokers and 15 economic development professionals from Connecticut and out-of-state, nearly one-third of respondents were from New Haven County.
Respondents generally rated local market conditions as satisfactory, with a majority saying the industrial, investment, and residential markets in their respective regions were “Excellent” or “Good”. The local office market didn’t bring as positive a response however, three quarters of the respondents rating their local office market poor or fair.
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HARTFORD: The date has been set and registration is open for The Connecticut Governor’s Conference on Tourism [registration link] on May 4th at the Connecticut Convention Center.
The confab comes at a time that Connecticut’s largest tourism draws, the Foxwoods and the Mohegan Casinos are bracing for significant competition from new casinos, in neighboring Massachusetts and New York.
The Nutmeg tourism industry is said to employ more than 60,000 people, nearly a third at the two Casinos and their immediate vicinity. The Connecticut Department of Economic and Community Development [DECD] says, that overall tourism employment grew 13.6% in the past ten years and the Department of Tourism says that more than 1.6 million people visited Connecticut in 2015.