Marriott sells Aureus 8 properties for seniors

Maryland Watch

December 30, 1998

Marriott International Inc. agreed to sell eight senior housing communities to Aureus Group LLC for $140 million in cash and will continue to manage them, Marriott said yesterday.

Two of the eight communities, operating under the "Brighton Gardens" name, opened recently in Danvers, Mass., and Woodbridge, Conn. The other six are under construction in Carlsbad, San Dimas, and Carmel Valley, Calif.; Arlington and Richmond, Va.; and Pikesville.

Marriott, a leading hotel operator based in Bethesda, also runs 102 senior-citizen communities with more than 19,000 units.

Its deal with Aureus continues its strategy of building properties, selling them and continuing to manage them. Dallas-based Aureus will bear the risks and rewards of ownership while Marriott will collect the more predictable flow of management fees.

Paul E. Johnson Jr., president of Marriott Senior Living Services, said the Aureus deal shows that "the success of our Brighton Gardens product continues to draw strong investor interest."

Yesterday, Marriott stock rose by 88 cents, closing at $29.75.

Pub Date: 12/30/98

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.