WASHINGTON, D.C. – March 31, 2003 – Marriott International, Inc. (NYSE:MAR) today announced it has completed the sale of its Marriott Senior Living Services management business to Sunrise Assisted Living, Inc. (NYSE: SRZ) and the assets of nine Marriott Senior Living Services communities to CNL Retirement Properties, Inc.
Sunrise paid Marriott approximately $89 million in cash for all of the outstanding stock of Marriott Senior Living Services, Inc. CNL paid approximately $166 million in cash to acquire nine senior living communities from Marriott and will enter into a long-term management agreement with Sunrise for these communities.
As both Sunrise and Marriott previously indicated, J.W. Marriott, Jr., chairman and chief executive officer of Marriott, joined the Sunrise board of directors effective upon the closing of the transaction.
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