Davos team members include Sunrise's former North Americanbusiness unit leaders for product development and market strategy(Phil Downey) and construction (Chris Tatum), and well as itsformer regional development executives for the Northwest(FrankRockwood), Southwest (Wayne Sant), and Central territories (LauraHester). Rockwood, based in San Francisco, tells GlobeSt.com thatDavos will pursue assisted living, stand-alone Alzheimer/dementiacare, independent living, continuing care retirement communities(and other full service senior communities), and age-restrictedmultifamily communities (including affordable seniorapartments).

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Rockwood is optimistic about the company's likelihood of successgiven his team's experience and the senior living industry ingeneral. The company, which launched yesterday after the teamsigned off on the partnership agreement, is already working onvarious assignments, Rockwood says. The work includes developmentopportunities for which Davos is trying to piece togetherfinancing, and consulting work for property owners who feel seniorliving is the most suitable use.

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"We are not immune to the credit situation; we're working onpursuing HUD financing as well as private capital sources," hesays. "I've been in development for over 20 years and so I'm kindof used to these cycles. Usually it is because of oversupply but inour industry that is not the case; we have been building toincremental demand so the fundamentals for general assisted livingproduct are really quite good."

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Whereas some other sectors are facing a 10% decline inoccupancy, Rockwood says the senior living industry is looking atjust a 1% decline, and that while some sectors are concurrentlybeing hit with freefalling rents, rents in the senior livingindustry are flat to only modestly declining, he says.

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"We have a strong belief the industry will rebound because it'sgenerally a need-based service and we're selling to people who haveaccumulated assets over a long, long period of time," he says."Home equity is usually the nest egg people use to pay for seniorliving and our typical customer bought their home long ago forbetween $30,000 and $60,000. Yeah it's not worth as much as it wastwo years ago but it is worth a lot more than $60,000."

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Sunrise Senior Living was the most active senior livingdeveloper in the world before a combination of bad bets and tightcredit is forcing the company to focus on survival instead ofgrowth, which meant shutting down dozens of active developments andletting go its development team. But the company continues to ownand/or manage several hundred communities and employs tens ofthousands of people. While Sunrise is not in a position to be aclient of Davos at this time—the company is currently focused onavoiding bankruptcy--Rockwood says he would be delighted to work onbehalf of Sunrise when they can again think about expanding.

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"They are good at what they do," he says. "We're hoping they canone day be one of the company's we help as a consultant orsupplier."

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Rockwood joined Sunrise as a SVP of development in January 2006to lead its Northwest development team. He was responsible foridentifying and managing new senior living developments in NorthernCalifornia, the Pacific Northwest, Western Canada and Hawaii. Priorto Sunrise, Rockwood held a variety of strategy, corporatedevelopment and investment positions with Transamerica Corp. andthe Walt Disney Co. and with entities affiliated with FarallonPartners and Accenture. At Transamerica, Mr. Rockwood wasinstrumental in launching and guiding the Transamerica SeniorLiving business unit.

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Phil Downey was the senior vice president of strategy andresearch for Sunrise from April 2003 to November 2008, when he leftand launched his owns market research and advisory firm. Prior toSunrise, Downey was the SVP of development planning for MarriottInternational. Chris Tatum was in charge of all of Sunrise'sconstruction activity from June 1997 to May 2007, during which timehe developed and constructed some two dozen assisted living,independent living or senior condominium projects throughout NorthAmerica. For the last two years he has been in charge of allconstruction activities in Southern California for BRE Properties,as well as principal of his own construction management consultingfirm.

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Laura Hester was in charge of developing Sunrise projectsthroughout the Midwest for nearly 10 years, managing siteacquisition, site feasibility analysis, financial feasibilityanalysis, design coordination, procuring entitlements, and projectoversight. Prior to that, she was an architectural designer forGerald Yurl Associates. Wayne Sant had the same job descriptionwith Sunrise for the Southwestern US. He joined the company in2001. Prior to that, he spent 5 years as a regional VP ofdevelopment for Marriott Senior Living Services and, prior to that,he developed limited service hotels on the West Coast. From 1990-95he managed a mixed portfolio of real estate assets for the AccordGroup.

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