The acquisitions grow CNL's $5.1 billion portfolio to 3,000 properties in 50 states and clearly mark the company as one of the largest privately held real estate investment and finance firms in the United States, according to GlobeSt.com research.
The deal also marks the beginning of a formal partnership between CNL and Marriott, according to a prepared statement from Phillip M. Anderson Jr., CNL Retirement Group chief operating officer.
Marriott will continue to operate the five communities under long-term management contracts with Harbor Retirement Associates of Vero Beach, FL which is leasing the properties for CNL.
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