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Holiday Retirement
Holiday Retirement Holiday Retirement Corp. is one of the country’s largest operators of housing communities designed for senior citizens wishing to live independently. The company was founded as Holiday Management Co. in 1971 by property developer William Colson. Up until now, the company is still affiliated with Colson & Colson General Contractor and with the Curry Brandaw architecture firm.
There are over 300 Holiday Retirement communities all throughout the U.S., Canada and the U.K. Each community employs two couples to serve as manager and co-manager teams and both live on site. Residential living arrangements include studios, 1- and 2- bedroom units. Amenities include 3 meals per day, transportation, housekeeping, and laundry service, among others. There are also opportunities for entertainment and exercise as each community is equipped with cable television, library, billiard room, craft and activity room, exercise room, and hiking trail. Each community also employs an executive chef who oversees not only the distribution of good food but also the observance of special diets for some of its residents.
The company’s target market is middle income North Americans over the age of 75. The company, which currently employs more than 12,000 people, has its headquarters in Salem, Oregon. All the units are rented on a monthly basis for $1,600. Most of the residents are single, with women comprising 80% and the men about 20%. Holiday Retirement takes pride in the fact that it provides a community with homogeneous residents, where social status and class takes a backseat to harmonious living.
Most of the residents use private funds for payment, since Holiday Retirement does not cater to those who are under government assistance as well as those belonging to the upper class. Being a community supporting independent elderly living, there is minimal or almost no healthcare facility available. During the later part of 2006, Holiday Retirement entered into an acquisition agreement with Fortress Investment Group LLC. Estimated to cost $6 to $7 billion, the deal includes 265 properties in North America and 34 in Canada and is expected to close during the first quarter of 2007. Investor interest in retirement communities is strong following the ever increasing demand for elderly housing. Occupancy rate is on the rise, coupled with expected 5% to 10% increase in rent. The company’s estimated annual revenue exceeds $1 billion. Holiday Retirement had been implementing several strategies to improve operations, such as reducing non-profitable units, building newer yet smaller communities with improved facilities and higher quality amenities. Fortress is expected to retain the strong management team of Holiday. |
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This intel was contributed by synbad
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May, 2012
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