Company Press Release: Marriott International, Inc.
May 1, 2000
WASHINGTON, DC -- Marriott International, Inc. (NYSE: MAR) Friday announced that it has sold fourteen Brighton
Gardens assisted living communities to affiliates of Wolverine Equities Company for approximately $194 million
in cash.
The communities were developed by Marriott Senior Living Services and are located in Greensboro NC, Bethesda MD,
Wheaton IL, Northville MI, Dayton OH, St. Charles IL, Columbia MD, Cleveland OH, Florham Park NJ, West Orange NJ,
Dunwoody GA, Kansas City KS, Omaha NE, and Tampa FL.
``We are happy to complete this transaction with Wolverine Equities Company, as we continue to serve the needs
of America's growing seniors population,'' said Paul E. Johnson, Jr., president of Marriott Senior Living Services.
``The sale reaffirms Marriott's strategy to sell company-developed assisted living communities while retaining
long-term management agreements,'' Mr. Johnson added.
Marriott Senior Living Services developed and will continue to operate the fourteen Brighton Gardens communities
under long-term management agreements with a third party that is leasing the communities from the purchaser. Marriott
International has provided credit support to the buyer to cover debt service shortfalls and certain other expenditures.
Recovery by Marriott of any such credit support fundings is guaranteed by an unaffiliated third party.
Brighton Gardens communities offer residential housing, meal service, housekeeping, and a full range of social,
cultural, and educational programs for seniors. Daily assistance is tailored to the needs of each resident and
specialized care for residents with Alzheimer's or related memory disorders is available at most communities.
Marriott International is the largest operator of quality-tier senior living communities in the United States.
It operates 146 full-service and assisted living communities totaling over 25,000 units.
Marriott International, Inc. is a leading worldwide hospitality company with over 2,000 operating units in the
United States and 57 other countries and territories. Marriott Lodging operates and franchises hotels under the
Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada
International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and
Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay
by Marriott division; and operates conference centers. Other Marriott businesses include senior living communities
and services, wholesale food distribution, procurement services, and The Ritz-Carlton Hotel Company LLC. The company
is headquartered in Washington, D.C., and has approximately 145,000 employees. In fiscal year 1999, Marriott International
reported total sales of $8.7 billion.
Note: This press release contains ``forward-looking statements'' within the meaning of federal securities law,
including statements concerning the senior living industry, business strategies and their intended results, and
similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking
statements in this press release are subject to numerous risks and uncertainties, including the effects of economic
conditions, supply and demand changes for senior living accommodations, competitive conditions in the senior living
industry, relationships with clients and property owners, the impact of government regulations, and the availability
of capital to finance growth, which could cause actual results to differ materially from those expressed in or
implied by the statements herein.
SOURCE: Marriott International, Inc.