St. Petersburg, FL— The Inn on the Pond, a Menorah Manor assisted living residence located in Clearwater, will be sold to a joint venture between affiliates of Solera Senior Living, LLC and Elkco Properties, Inc., for an undisclosed sum, announced Rob Goldstein, chief executive officer of Menorah Manor, Inc. The closing is slated to occur June 30th. Menorah Manor opened The Inn on the Pond in 2012. Goldstein said that the assisted living residence will continue operating but will be rebranded as The Preserve at Clearwater.
“As a fiscally responsible organization, Menorah Manor made this difficult decision to strengthen our core operations,” Goldstein said. “The sale of The Inn on the Pond substantially eliminates our organization’s debt, and limits our risk in an industry that changes quickly.” Goldstein said that financial goals were not being met with The Inn on the Pond, and that the decision to sell was made to ensure the future of the St. Petersburg campus; The Samson Nursing Center and The Toby Weinman Assisted Living Residence.
“Unforeseen changes in the marketplace and the rapidly changing reimbursement landscape forced us to carefully evaluate whether or not it would strengthen or weaken our organization as a whole to continue operating The Inn on the Pond,” commented Barry Kanner, Menorah Manor chair. “After close examination, it was decided that this decision is a necessary one for the overall health of our organization. Let there be no doubt whatsoever that our St. Petersburg operations will continue to offer the Menorah Manor high standard of care for many years to come.”
Menorah Manor, established in 1985, is a community sponsored, charitable, not for profit senior healthcare organization. It serves six counties on Florida’s gulf coast. Its services include skilled nursing, rehabilitation, an adult day center and specialized Alzheimer’s care, all located in the 180 bed Marion and Bernard L. Samson Nursing Center in St. Petersburg, Florida. It also operates The Toby Weinman Assisted Living Residence, which is located on the St. Petersburg campus, and has been in operation since 2003. “All of these important programs and services are vital to our seniors, and will be financially stronger as a result of selling The Inn on the Pond,” commented Kanner.
“Our founders’ mission was to provide the best possible care for our seniors in a warm, homelike, Jewish environment, regardless of ability to pay,” Goldstein said. “We will continue this mission for many years to come.”