Marriott International, Inc. (NYSE: MAR) today announced on Friday that it sold five assisted living communities (two Brighton Gardens and three MapleRidge communities) to CNL Retirement Corp. for approximately $59 million. Marriott International acquired a 23% equity interest in the entity that purchased the communities.
Marriott International developed and will continue to operate the five communities under long-term management agreements. The five communities are located in California, Maryland, Massachusetts, and Ohio.
Arne M. Sorenson, executive vice president and chief financial officer of Marriott International, said, “We are pleased that CNL Retirement Corp. has chosen to expand its portfolio of Marriott International senior living communities. We look forward to a continued strong relationship with CNL as an important part of our ongoing strategy to manage properties owned by others under long-term agreements. So far in 2002, Marriott has sold real estate assets totaling approximately $160 million.”