Harris Rosen, the owner of the Omni Rosen and Clarion hotels, is looking to buy the bankrupt Princeton Hospital. "The key is to acquire the hospital for a price that will enable us to do innovative things and cut the hospital's expenses and costs dramatically and then generate a positive cash flow," he told the Orlando Business Journal. "This is a hospital which has been badly abused."
The 150-bed hospital on Mercy Drive, one of Orlando's last independent hospitals, filed for bankruptcy last month. Its top staff left last year and it has faced dwindling patient loads as competition from the Adventist Health System, Orlando Regional and Columbia HCA has heated up. Those big three respectively control 43, 31 and 21 percent of the market, according to Medical Industry Today.
Princeton is currently $56 million in debt. Rosen has said his proposed deal hinges on eliminating that debt. He says he wants to manage the hospital like his hotels: fill the beds, even at cut rates. Princeton officials hope to emerge from bankruptcy next summer.