Community Health Systems, Inc. (CHS) (Franklin, TN) announced that an affiliate of the company has signed a definitive agreement to sell 480-bed Bayfront Health St. Petersburg (St. Petersburg, FL) and its associated assets to a subsidiary of Orlando Health.
Under the agreement, Orlando Health will assume responsibility for the long-term lease and operations of the hospital. The lease transfer is subject to the consent of the St. Petersburg City Council.
The transaction is expected to close by the end of Q3 2020, subject to regulatory approvals and closing conditions.