CHA Agrees to Buy Hollywood Presbyterian
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A medical group that owns hospitals, a medical school and a research institute in South Korea has reached a deal to buy Tenet Healthcare Corp.’s Hollywood Presbyterian Medical Center. The deal is valued at $69 million, Tenet announced.
Formerly known as Queen of Angels, the hospital is one of 27 that Santa Barbara-based Tenet is attempting to shed this year as part of a plan to restore the company to profitability.
The buyer, CHA Medical Group, is led by Dr. Kwang Yul Cha, a fertility specialist. The group plans to continue to operate the 434-bed facility as a full-service, acute-care hospital with a 24-hour emergency room, Tenet said.
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