DALLAS AND ORLANDO, FLA. — Seniors housing owner and operator Sonida Senior Living Inc. (NYSE: SNDA) has entered into a definitive merger agreement to acquire CNL Healthcare Properties (CHP), a non-traded public REIT, in a deal valued at $1.8 billion. Upon completion of the merger, the combined company will be the eighth-largest senior living owner, with a portfolio of 153 independent living, assisted living and memory care communities and enterprise value of $3 billion.
Under the agreement, Dallas-based Sonida will acquire 100 percent of CHP in a cash and stock transaction. The transaction is expected to close in the first or second quarter of 2026, subject to customary closing conditions. Both the Sonida and CHP board of directors unanimously approved the merger.
Financing for the acquisition will include cash provided by Conversant Capital and Silk Partners — the two largest Sonida shareholders — and debt financing from RBC Capital Markets and BMO Capital Markets.
Ahead of the merger, Sonida’s portfolio comprises 97 seniors housing communities that the company owns, manages or invests in, including 84 owned properties. In total, the portfolio serves roughly 10,250 residents. CHP’s current portfolio comprises 69 seniors housing communities with 7,535 units across 26 states.