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Sold: Deaconess Medical Center & Valley Hospital

12:56 PM PDT on Wednesday, August 20, 2008

KREM.com / AP

SPOKANE -- The state Health Department has approved the sale of two Spokane hospitals to Community Health Systems of Franklin, Tenn.

The not-for-profit Empire Health Services is selling Deaconess Medical Center in downtown Spokane and Valley Hospital and Medical Center in Spokane Valley for $272 million.

Trevor Van Dyke, KREM 2 News

Deaconess Medical Center

They have a total of 511 acute-care beds and treat more than 225,000 patients a year.

The state approval Wednesday came with some conditions. It requires Community Health to set aside $80 million for charitable purposes and to make at least $100 million in capital investments in the hospitals in the next five years.

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