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Five Star Quality Care Inc. Message Board

  • sam_0534 sam_0534 Dec 23, 2002 3:04 PM Flag

    Marriott news

    Marriott Sells Senior Living Properties
    Monday December 23, 12:27 pm ET

    WASHINGTON (Reuters) - No. 1 hotel manager Marriott International Inc.(NYSE:MAR - News) said on Monday it had sold a dozen senior living communities to CNL Retirement Properties Inc. for about $89 million in cash.
    Marriott said it would record a pretax loss of approximately $21 million, or 5.5 cents per share after tax, in connection with the transaction and would probably record other charges as it exits the senior living business.

    Marriott also said it was in talks with potential buyers of its business managing 128 senior communities, including the 12 sold to CNL, and that the potential buyer would probably manage all 128.

    In the meantime, Marriott will continue to manage the 12 properties it is selling. Marriott owns 9 more of the 128 communities it manages.

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