Retirement News : Seniors : Nagels sell Meridian retirement facilities

Nagels sell Meridian retirement facilities

Date Added: 31-08-2005

Find out about the latest big business retirement news in Colorado in an excerpt below.  Link to the entire article at the bottom.

By Jeff Smith, Rocky Mountain News
August 30, 2005

Colorado GOP power brokers Ralph and Trish Nagel have sold their six Meridian retirement and nursing-home facilities in the Denver area and Texas to a Canadian-Australian venture for a reported $232 million.

The 1,043 units will be managed by Florida-based Horizon Bay, which now operates 36 senior housing facilities in nine states.

The sale was reported in a statement put out by joint venture partners Canada-based Chartwell Seniors Housing Real Estate Investment Trust and ING Real Estate Australia, a subsidiary of ING Group NV of the Netherlands.

Ralph Nagel, who founded the upscale retirement business in 1984, could not be reached by phone. He did respond to an e-mail query only to say the deal was less than $232 million, but he did not elaborate. -Trish Nagel couldn't be reached for comment.

For More Information:

http://www.rockymountainnews.com/drmn/business/article/0,1299,DRMN_4_4039785,00.html