WEST READING PA – Tower Health, which owns and operates the hospitals in Pottstown and Phoenixville, has agreed to sell its already closed Brandywine Hospital in Coatesville, Chester County.
Center City-based Penn Medicine agreed to buy the property, the Philadelphia Business Journal reported Tuesday (June 27, 2023). The two health systems have signed a letter of intent to close the deal by year’s end, Journal Editor In Chief Ryan Sharrow wrote.
A sale price for the 85-acre campus was not disclosed, nor were any future plans Penn Medicine might have for the vacant facility. The sale was announced to Tower Health employees in a Tuesday memo by its CEO, P. Sue Perrotty, the Journal reported.
Brandywine Hospital was closed in January 2022 as part of Tower Health’s continued efforts to cut costs and regain financial stability. Tower operated at a net loss of roughly $195 million in fiscal 2022, according to the Journal.
Tower earlier sold its former Jennersville Hospital to ChristianaCare in Delaware, and its former Chestnut Hill Hospital to an ownership group led by Temple University Health System.