vi senior living type private corporation industry senior living founded 1987 headquarters chicago illinois website http www.viliving.com vi formerly known as classic residence by hyatt is a national developer owner and manager of high end retirement communities across the united states . 1 it is a privately held corporation founded in 1987 by its former chairman penny pritzker . 2 as of september 2012 the company houses over 4 000 residents and employed 2 621 workers . 3 senior housing properties trust purchased vi s rental portfolio in december 2011 . 4 after serving for 25 years pritzker left vi in early january 2012 to focus on her new investment firm . pritzker family business interests continue to own the company . 5 vi is a distinct business entity from hyatt hotels and global hyatt corporation . contents 1 history 2 sale 3 services 4 quality of care 5 litigation 6 communities 7 notes 8 external links history edit for over twenty years classic residence by hyatt built its reputation on its relationship with the hyatt hotel brand . in 2007 company president randal richardson said that classic residence by hyatt has really translated the quality of the hyatt brand into luxury senior living . 6 in 2008 classic residence by hyatt sold its trademark and agreed to discontinue use of the hyatt name . when the new name vi was revealed to residents at its palo alto community in june 2010 there was reportedly an audible escape of air from the aged crowd that included murmurings of disbelief . 7 sale edit in december 2011 senior housing property trust purchased eight of vi s rental communities ; 8 in august 2012 senior housing properties trust purchased the remaining ninth rental community located in yonkers new york . after the sale was announced the seniorcare investor reported that vi s ownership wanted to sell the entire entity but the valuations from buyers for the entrance fee ccrcs were not close to what the seller wanted to get and that vi would put those on the backburner to focus on selling the rentals . 9 vi has historically been owned by the pritzker family trusts . in the last five years the pritzker family has sold over 12 billion in assets presumably pursuant to the family s contentious settlement that splits up their business empire . 10 the national real estate investor has speculated that the dissolution of the pritzker family empire means that vi could be getting ready to exit the seniors housing market altogether . 11 services edit vi operates continuing care retirement communities ccrc . ccrc s offer a wider range of services than rental retirement communities . most ccrc s offer continuing care programs for qualifying seniors which allows them to move into assisted living skilled nursing and alzheimer s support programs as their health declines for the same monthly fee they had paid for their independent rental apartment with certain additional ancillary charges . monthly fees pay all operating expenses at the community including medical care . in most of its ccrcs vi can adjust monthly fees with thirty to sixty days notice . quality of care edit vi continuing care retirement communities offer several different levels of onsite care to its residents . care availability depends on community location and can include assisted living skilled nursing memory support and alzheimer s etc. each community undergoes state and county public health department inspections on a regular basis . in 2007 florida regulators temporarily placed their lantana facility on a statewide nursing home watch list for failing to provide adequate and appropriate health care and protective support to all residents according to the florida agency for health care administration . 12 vi at grayhawk was ranked as one of the best care centers in the nation in 2012 by u.s. news & world report . 13 litigation edit resident at vi s la jolla community filed a class action lawsuit against vi in 2006 . 14 residents had accused the company of fraud and deceit elder abuse breach of fiduciary duty unfair business practices and violation of part of the california health and safety code . 15 vi denied any wrongdoing but reached a settlement with residents in 2008 that included among other things a lump sum payment to residents a 3 % annual ceiling on monthly fee increases through 2013 for residents who took part in the lawsuit and a 4 % ceiling for every subsequent year and improvements to the wellness center . 16 resident at vi s palo alto community filed a class action lawsuit against vi in 2014 alleging refundable entrance fees were improperly being transferred out of state . 17 as of january 2015 the matter is still in litigation . communities edit continuing care retirement communities naples fl 1992 lantana fl 1996 hilton head island sc 1998 la jolla ca 1998 scottsdale az 1999 glenview il 2002 aventura fl 2003 palo alto ca 2005 denver co 2008 scottsdale az 2010 notes edit archived copy . archived from the original on august 10 2011 . retrieved august 2 2011 . billionaire rich with compassion the denver post oct. 30 2005 . http www.viliving.com company form 8 k founder penny pritzker exits as chairman of vi a high end retirement community chain with focus on new investment firm psp capital partners chicago tribune january 5 2012 . classic residence by hyatt gives cache to seniors housing national real estate investor february 26 2007 . it s vi as in vitality we think san jose mercury news june 13 2010 . form 8 k seniorcare investor september 2011 . fortune s fate pritzker family agreement to divide billions in wealth comes to a close chicago tribune december 18 2011 . senior housing properties trust continues its acquisition spree national real estate investor september 23 2011 . keeping watch palm beach post dec. 31 2007 http health.usnews.com health news best nursing homes articles 2012 02 07 best nursing homes the 2012 us news honor roll this is luxury retirement san diego reader dec. 27 2007 . third amended complaint settlement agreement and release burton richter linda collins cork georgia l. may thomas merigan alfred spivack janice r. anderson v. cc palo alto inc. united states district court for the northern district of california . text external links edit virisks.org vi retrieved from https en.wikipedia.org w index.php title vi senior living classic residence & oldid 738952203 categories retirement in the united states navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified 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