Vi Senior Living Explained

Vi Senior Living
Industry:Senior Living
Location:233 South Wacker Drive, Suite 8400 Chicago, Illinois, 60606
Locations:10
Key People:Gary Smith (President and CEO)
Founded:1987
Founder:Penny Pritzker
Type:Private Corporation
Num Employees:2,900 (August 2020)

Vi Senior Living is a high-end retirement community developer, owner, and management group based out of Chicago, Illinois, United States. Vi maintains 10 continuing care retirement communities (CCRCs) in six states, including Arizona, California, Colorado, Florida, Illinois, and South Carolina. Founded in 1987 by Penny Pritzker, the privately held company houses over 4,000 residents and employs 2,700 workers as of May 2016.[1] [2]

Vi Senior Living is a distinct business entity from Hyatt and Global Hyatt Corporation.

History

Vi Senior Living, formerly known as Classic Residence by Hyatt, was founded in 1987 by Penny Pritzker.[3] [4] The Pritzker family background in founding the Hyatt hotel chain and Marmon Group inspired Penny Pritzker's vision to bring high-end hospitality to senior living communities across the United States.[5] [6] The Chicago-based company acquired a few high-end independent living rental communities that contained assisted living units. In total, Classic Residence by Hyatt, since rebranded as Vi Senior Living, developed six original communities and acquired another four communities, each of which required additional development.[4] Before Classic Residence by Hyatt rebranded to Vi Senior Living, the first Classic Residence rental communities were located in Monterey, California, Chevy Chase, Maryland, Teaneck, New Jersey, Dallas, Texas, Reno, Nevada, and Chicago, Illinois from 1989 to 1990.[7] [8]

Growth and Development

As Classic Residence made efforts to expand under Vi Senior Living, its first acquisition of Bentley Village, a continuing care retirement community in Naples, Florida, was completed in 1992.[4] This location has since been renamed Vi at Bentley Village.[4] In 1996, Vi purchased its first residential tower of La Jolla Village in San Diego, California.[9] The same year, Vi at Lakeside Village in Lantana, Florida was acquired.[4] The Lakeside Village community includes two restaurants and cafes, bar and ice cream shop, a beauty salon, fitness center, swimming pool, and hosts regular bus trips for residents.[6] A big part of Classic Residence by Hyatt and Vi Senior Living's lifestyle is the variety of amenities offered to residents, which resemble continuing education in the form of field trips, group discussions, and classes.[10]

In the coming years, Vi continued the trend of developing and acquiring retirement communities. The company acquired TidePointe in Hilton Head Island, South Carolina out of bankruptcy in 1998.[4] Vi at Grayhawk, one of two Vi communities in Scottsdale, Arizona, opened in 1999. In 2002, Vi at The Glen in Glenview, a suburb of Chicago's North Shore opened its 1,000-acre master-planned community. Between 2003 and 2010, the following communities opened: Vi at Aventura in Aventura, Florida (2003), Vi at Palo Alto in Silicon Valley, California (2005), Vi at Highlands Ranch in Highlands Ranch, Colorado (2008), and Vi at Silverstone in Scottsdale, Arizona (2010).[4] [11] [12] [13] [14] Classic Residence officially rebranded as Vi in June 2010 (pronounced “vee”, derived from “vida”, the Latin word for “life”). The continuing-care retirement communities were rebranded as Vi, while rental properties were renamed to “Classic Residence, a Vi Community.”[15]

In January 2012, Pritzker announced her resignation as Vi Senior Living chairwoman. As a result, Kevin Poorman, vice chairman of the company, was appointed to fill her role.[5]

Leadership

As of 2022, other executive leadership includes:

Ongoing Training

Through its Management Development Program, Vi employees can access more than 1,000 online courses. More than 600 employees have graduated from this program since its start in 2008.[2]

Litigation

Residents of Vi's La Jolla community filed a class action lawsuit against Vi in 2006.[17] Accusations included fraud and deceit, elder abuse, breach of fiduciary duty, unfair business practices, and violation of part of the California health and safety code.[18] Vi denied any wrongdoing, but reached a settlement with affected residents in 2008 that included:

In 2014, six residents at Vi's Palo Alto community filed a class action lawsuit against Vi, alleging refundable entrance fees were improperly being transferred out of state to its parent company without establishing a reserve fund as required by state law. In February 2019, the case was dismissed by a US District Court judge, who ruled that the plaintiffs (Vi residents) "lack standing in their civil claim" because they did not show that harm was done or was imminent.[19] The residents appealed; and the California Continuing Care Residents Association together with the California Advocates for Nursing Home Reform filed a joint amicus brief in support of their appeal. The Appeals Court, in April 2020, found that “the statutory violation of failing to maintain a refund reserve harms Residents by putting them in the distressing position of choosing between vacating the Vi and potentially risking non-repayment, or continuing to live at the Vi in a state of perceived financial insecurity.” [20] Subsequently, a proposed class action settlement was reached at the U.S. District Court for the Northern District of California, which will hold its final hearing in September 2022.[21]

Awards and recognition

External links

Notes and References

  1. Web site: Classic Residence Management LP - Company Profile and News . www.bloomberg.com.
  2. Web site: Vi's Breakthrough in Leadership Development. Andie. Burjek. May 16, 2016.
  3. Web site: Exclusive: Billionaire Penny Pritzker Joins Forces With Alexa von Tobel to Raise New $200M Fund. Fortune.
  4. Web site: The SHB Interview: Randy Richardson, president of Chicago-based Vi. July 29, 2015. Seniors Housing Business.
  5. Web site: Founder Penny Pritzker exits as chairman of Vi, a high-end retirement community chain, with focus on new investment firm PSP Capital Partners. Julie Wernau, Chicago Tribune. reporter. chicagotribune.com.
  6. Web site: Vi senior living company wins 'Top Workplaces' two years in row. Marcia Heroux. Pounds. sun-sentinel.com.
  7. Web site: PENNY PRITZKER SHEPHERDS HYATT'S HOUSING FOR SENIORS. J. Linn. Allen. chicagotribune.com.
  8. Web site: HYATT BRINGS ITS TOUCH TO SENIOR HOUSING. Stanley. Ziemba. chicagotribune.com.
  9. Web site: Vi at La Jolla Village - 8515 Costa Verde Blvd, San Diego, CA, 92122 - SeniorHousingNet.com. www.seniorhousingnet.com.
  10. Web site: If you retire rich, this is where you'll want to live. Fortune.
  11. Web site: Vi Senior Living Community. Saunders.
  12. Web site: Check Out What Life is Like at Luxury Senior Living Communities. January 8, 2016. Bankrate.com.
  13. Web site: Vi at Palo Alto. Retirement Living.
  14. Web site: Luxury Living for Seniors in Hotel-Style Fashion. March 1, 2007. National Real Estate Investor.
  15. Web site: In brief: 350 N. Orleans | TIF proposal | Classic Residence. June 8, 2010. Crain's Chicago Business.
  16. Web site: 2022-03-11 . Vi Names Gary Smith as Future CEO as Randy Richardson Plans Retirement . 2022-06-01 . Seniors Housing Business . en-US.
  17. Web site: Archived copy . www.lawconger.com . 14 January 2022 . https://web.archive.org/web/20110713191619/http://www.lawconger.com/images/images/Short/Judgment%2010-3-2008.pdf . 13 July 2011 . dead.
  18. Web site: Archived copy . www.lawconger.com . 14 January 2022 . https://web.archive.org/web/20110713191553/http://www.lawconger.com/images/images/Short/Third%20Amended%20Complaint.pdf . 13 July 2011 . dead.
  19. Web site: Plaintiffs to continue court fight against Vi at Palo Alto despite dismissals. Sue. Dremann. paloaltoonline.com.
  20. Web site: U.S. Court of Appeals for the Ninth Circuit . 20 July 2022.
  21. Web site: Proposed class action settlement: U.S. District Court, Northern District of California . 20 July 2022.
  22. Web site: Chart . Trainingmag . 2019-10-21.
  23. Web site: Top Workplaces 2017: Search Chicago-area companies. Nausheen. Husain. chicagotribune.com.
  24. Web site: Vi continues to win with its employees. azcentral.
  25. Web site: Best Workplaces for Aging Services™ 2018. Great Place To Work United States.
  26. Web site: The 50 Best Workplaces for Aging Services. Fortune.
  27. Web site: Top CEOs 2019 Glassdoor . 2022-06-01 . www.glassdoor.com . en.
  28. Web site: Best Workplaces for Aging Services™ 2019 . 2022-06-01 . Great Place to Work® . en-us.
  29. Web site: Winning Hearts, Winning Minds — A Strategic Blueprint for HR Communications. webinar.workforce.com.
  30. Web site: Vi Achieves Great Place to Work Certification . 2022-06-01 . Corporate . en.
  31. Web site: 2019 ICAA NUSTEP BEACON AWARD WINNERS ANNOUNCED. Nustep. 25 October 2019.
  32. Web site: Vi, Trilogy make Best Places to Work 2020 list. McKnights Senior Living. 23 December 2019 .
  33. Web site: Best Places to Work 2020 Glassdoor . 2022-06-01 . www.glassdoor.com . en.
  34. Web site: TRAINING MAGAZINE RANKS 2020 TRAINING TOP 125 ORGANIZATIONS. Training Magazine. 25 February 2020.
  35. Web site: CRAIN'S NOTABLE LEADERS IN HR. Chicago Business. 24 January 2020.
  36. Web site: Vi Achieves 2021 Great Place to Work® Certification Vi Living . 2022-06-01 . Corporate . en.
  37. Web site: Fortune Best Workplaces in Aging Services™ 2021 . 2022-06-01 . Great Place to Work® . en-us.
  38. Web site: Work . Great Place to . Working at Vi Living . 2022-06-01 . Great Place to Work® . en-us.
  39. Web site: Vi Achieves 2023 Great Place to Work® Certification Vi Living . 2024-05-16 . Corporate . en.

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