Marriott Sheds Five Assisted-Living Communities

BETHESDA, MD— Marriott International, which seems to be showing more inclination to easing out of some real-estate ownership ventures not primarily lodging oriented, has reportedly sold five assisted-living communities to a venture controlled by CNL Retirement Corp. for about $59 million. Marriott had initially acquired a 23% equity interest in the entity that bought the communities. According to terms of the disposition, Marriott— which had developed the communities— is to continue operating the sites (located in Maryland, California, Massachusetts and Ohio) under management agreements. Marriott sources maintained the company’s strategy is to sell properties it developed but keep the management contracts long-term. So far this year, Marriott has reportedly sold property worth about $160 million.