GlobeSt.com Wrap-up: CNL Units Do $380M in Deals in Last 30 Days

ORLANDO-In a whirlwind finish to 2002, CNL Retirement contracted Monday to pay Marriott Senior Living $170 million for nine properties in 13 states. But this is only one in a slew of quick-close deals locally based CNL Financial Group has engineered in the closing days of 2002. In fact, CNL and its entities have closed and contracted to buy $380 million in hospitality and senior housing properties in 13 states.

The three deals were orchestrated in the past 30 days. In the newest transaction, completed Dec. 30, CNL Retirement Properties Inc. has contracted to pay Bethesda, MD-based Marriott Senior Living Services Inc. $170 million or about $19 million each for nine senior housing properties in 13 states.

The deal hinges on McLean, VA-based Sunrise Assisted Living Inc. buying all of Marriott Senior Living stock in early 2003. At that time, CNL will sign a long-term management contract with Sunrise to operate the nine properties as well as the 12 senior housing properties CNL bought from Marriott in mid-December for $89 million or about $7.42 million per location.