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WASHINGTON, DC-Finally wrapping up its planned exodus from the real estate industry’s senior living services properties segment, Marriott International Inc. has disposed of its last remaining Brighton Gardens assisted living communities in a recent $184 million deal. Orlando, FL-based REIT CNL Retirement Properties Inc. is now the proud owner of the 14 properties, having forked over $92 million in cash and taking out a loan from Marriott for the remaining $92 million.

“With the consummation of the sale of these 14 Brighton Gardens to CNL, Marriott International has sold all real estate related to the Senior Living Services business,” says company EVP and CFO Anne M. Sorenson. Marriott sold its Marriott Senior Living Services division–minus the 14 aforementioned properties–to Sunrise Senior Living Inc. earlier this year. However, Sunrise had been handling the operations of the communities, and will continue to play this role under a long-term property management agreement.

Located in several states across the country, the 14 facilities represent the last remnant of a Marriott expansion endeavor that began in 1988 when the company first introduced plans to develop Brighton Gardens complexes. From there, the Senior Living Services division continued to grow, acquiring senior housing operator Forum Group Inc. in 1996. This final senior living-related deal with CNL does not represent the first occasion that the two companies have exchanged Brighton Gardens properties. CNL took two Brighton Gardens facilities off Marriott’s hands last May in a $59 million deal that also included three MapleRidge senior properties.

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