Marriott Completes Large Sale to CNL

24th Dec 2002

Marriott International, Inc. (NYSE:MAR) announced today the sale of 12 senior living communities to CNL Retirement Properties, Inc. (“CNL”) for approximately $89 million cash. Marriott Senior Living Services (“MSLS”) will continue to operate the 12 communities under long-term management agreements.

In connection with the transaction announced today, Marriott will record a pre-tax loss of approximately $21 million, or 5? cents per share after tax. Additional charges are likely in connection with Marriott’s ultimate exit from the senior living business. The company continues discussions with potential buyers of its senior living business.

Marriott’s senior living management business operates 128 senior living communities, including those involved in this asset sale to CNL. When the sale of the MSLS business is completed, the company anticipates the buyer of that business will manage all 128 communities, including those purchased by CNL.

CNL Retirement Properties, Inc. owns 36 senior living communities, 29 of which are managed by Marriott Senior Living Services.





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