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Troubled St. Louis hospital exploring sale of property

St. Alexius' new CEO, Dr. Sonny Saggar, would not confirm the possible sale but said hospital officials are "considering all options"
Credit: DILIP VISHWANAT | SLBJ

ST. LOUIS — Officials with St. Alexius Hospital are exploring whether to put its Jefferson campus on the market in a bid to pay down debts related to its Chapter 11 bankruptcy, real estate sources told the Business Journal.

The sale would include the property at Jefferson Avenue and Miami Street in Gravois Park, as well as its bariatric center at 1400 Lemay Ferry Road in south St. Louis County. Both properties are vacant. The sale would not include the hospital's main campus on South Broadway, sources said.

It's also not likely to include the Lutheran School of Nursing property, which sits adjacent to the Jefferson campus hospital, sources said.

St. Alexius' new CEO, Dr. Sonny Saggar, would not confirm the possible sale but said hospital officials are "considering all options."

"As of right now, I cannot confirm or deny that we are seeking to sell any real estate owned by the hospital, but I can say that the leadership of the hospital, working with the bankruptcy trustees, are considering all options. The goal is to augment cash flow to save our hospital by using common sense, and if this involves discarding unused assets, then of course that’s a possibility," Saggar told the Business Journal.

“Ultimately, all we want to achieve is to continue serving our community and this will clearly require a reputable operator. That’s simply not negotiable. To attract such an operator, we need to look as financially attractive as possible," Saggar said.

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