Late last year, Marriott announced it would sell off its senior-living business to McLean, VA-headquartered Sunrise Assisted Living Inc. for $89 million. That sale was contingent upon the disposition of Marriott's nine remaining senior-living communities in a corresponding $166-million deal with Orlando-FL-based CNL Retirement Properties Inc.

"After a careful process of evaluating the senior-living marketplace and alternatives for our senior-living business, we are confident that taking the steps announced will strengthen our focus on the company's core lodging business, improve return on invested capital and drive shareholder value," Marriott International chairman and CEO JW Marriott Jr. explained in a December statement.

As a result of the finalized deal, JW Marriott Jr. has acquired a seat on Sunrise's board of directors, and in turn, Sunrise has changed its name to Sunrise Senior Living Inc. Also CNL has committed to a long-term management deal with Sunrise on the senior communities from Marriott. All in all, Marriott's goodbye to the senior-living property market has proven to be a lucrative farewell.

"[We will] receive pre-tax cash proceeds of approximately $400 million from transactions related to exiting the Senior Living Services business, including those closed today," Marriott vice president of corporate relations Thomas O. Marder tells GlobeSt.com. "We intend to use these proceeds to repurchase shares of the company's stock."