"We look forward to a continued strong relationship with CNL as an important part of our ongoing strategy to manage properties owned by others under long-term agreements," Marriott executive vice president and CFO Arne M. Sorenson says.
Marriott opened its 150th senior living community in 2000. The deal involves two Brighton Gardens and three MapleRidge properties, but neither Marriott nor CNL has specified the exact locations of the communities. As part of a long-term agreement, Marriott will stay on as manager of the five properties.
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