5 care communities sold by Marriott

Maryland Watch

April 15, 1997

Marriott International Inc. announced yesterday that it has completed the sale of five assisted-living communities to a private investment firm for $79 million, continuing a disposition trend for the Bethesda-based lodging company.

Marriott, which will continue managing the five Brighton Gardens communities, has since mid-March reached agreements to sell 48 lodging and senior-living projects for more than $750 million, said Michael A. Stein, the company's chief financial officer and an executive vice president.

With the sale to Prime Care One LLC, Marriott's Senior Living Services subsidiary has disposed of all of the 18 Brighton Gardens communities it operates nationwide. The five projects being sold are in Friendship Heights, Md.; Venice, Fla.; Mountainside, N.J.; Houston; and Charlotte, N.C.

Marriott, the world's largest hospitality company with operations in 50 countries, intends to use at least a portion of the capital generated from the Prime Care sale to develop additional senior living projects. Within the next five years, the company hopes to add 120 Brighton Gardens projects to its portfolio.

Pub Date: 4/15/97

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