Marriott International Agrees To Sell Eight Senior Living Communities

29th Dec 1998

Marriott International, Inc. (MAR / NYSE) today announced that it has entered into a definitive agreement to sell eight Brighton Gardens assisted living communities to Aureus Group LLC for approximately $140 million in cash. Aureus Group LLC, based in Dallas, develops and acquires senior living communities in the United States.

Marriott Senior Living Services developed and will continue to operate the eight Brighton Gardens communities under long-term agreements. Two of the communities opened in the fourth quarter of 1998 and are located in Danvers, Mass. and Woodbridge, Conn. The other six Brighton Gardens communities included in the transaction currently are under construction, and the related sales will take place as each community opens over the next five months. These communities are located in Carlsbad, Calif.; San Dimas, Calif.; Arlington, Va.; Pikesville, Md.; Carmel Valley, Calif.; and Richmond, Va.

“We are happy to complete this transaction with Aureus Group LLC, as we continue to serve the needs of seniors,” said Paul E. Johnson, Jr., president of Marriott Senior Living Services. “The success of our Brighton Gardens product continues to draw strong investor interest,”
Mr. Johnson added.

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 available at most communities.

Marriott International is the largest operator of quality-tier senior living communities in the United States. It operates 112 full-service and assisted living communities totaling over 19,000 units.




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