Connecticut Firm Wants to Buy Hoboken Hospital

A Connecticut based firm announced on Thursday afternoon that it wants to buy the Hoboken University Medical Center for $77 million. The Hoboken Municipal Hospital Authority is currently only negotiating the hospital sale with HUMC Holdco LLC, a company that also acquired the Bayonne Medical Center recently.

Hospital Authority Chairwoman Toni Tomarazzo said that the board is currently negotiating solely with HUMC Holdco. 

Paradigm Physician Partners, one of the original bidders, is now saying that "the Fairfield, Connecticut company wants to inform the HUMC community, its patients and employees that P3 is still prepared to purchase HUMC for $52 million and invest an additional $25 million in operational upgrades in patient care and services."

On Wednesday, the Bayonne Hospital was sold to an Alabama-based real estate firm Medical Properties Trust Inc for $58 million. Medical Properties Trust Inc is leasing the hospital back for 45 years. 

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Geoff Teed, president of P3, said that under his firm’s leadership, the hospital would run as a not-for profit. Teed said also that he was "puzzled" about why the HMHA would only negotiate with HUMC Holdco. 

"We meet all of the criteria," Teed said. "Why wouldn’t you have two bidders?"

The goal of the press release (which is attached to this story), Teed said, is to let people know that there's "a better plan B on the table."

Teed said that the hospital would remain open and would ultimately be "returned to community." He added, "as part of our model there would be no lay offs."