Marriott Completes Sale of Marriott Senior Living Services to Sunrise and Nine Additional Senior Living Services Communities To CNL
WASHINGTON, Marriott International, Inc. MAR today announced it has completed the sale of its Marriott Senior Living Services management business to Sunrise Assisted Living, Inc. 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.
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.
MARRIOTT INTERNATIONAL, INC.