Marriott International, Inc. (MAR / NYSE) today announced that it has completed the sale of three Brighton Gardens assisted living communities to Circle Housing Limited Partnership, a private investment partnership, for approximately $38.5 million in cash.
Marriott Senior Living Services will continue to operate the three Brighton Gardens communities under long-term management agreements. The communities were developed by Marriott International and are located in Memphis, Tenn.; Saddle River, N.J. and Cincinnati, Ohio.
“This transaction with Circle Housing Limited Partnership continues Marriott International`s strategy to grow through developing and managing operations, rather than owning real estate assets,” said Paul E. Johnson, Jr., president of Marriott Senior Living Services.
Brighton Gardens communities offer housing, meal service, housekeeping, and a full range of social, cultural and educational programs. Daily assistance is tailored to the needs of each resident, and specialized care for residents with Alzheimer`s or related memory disorders is also available at most communities.
Marriott International is the largest operator of quality-tier senior living communities in the United States. It operates 110 senior living communities throughout the country, and plans to open 38 additional communities in 1999.
MARRIOTT INTERNATIONAL, INC. is leading worldwide hospitality company, with over 1,700 operating units in the United States and 53 other countries and territories. Major businesses include hotels operated and franchised under the Marriott, Ritz-Carlton, Courtyard, Residence Inn, Fairfield, TownePlace Suites, SpringHill Suites, Renaissance, and Ramada International brands; vacation ownership (timeshare) resorts; senior living communities and services; and food service distribution. The company is headquartered in Washington, D.C. and has approximately 131,000 employees. In fiscal year 1997, Marriott International reported total sales of $9.0 billion.