Sunrise to Transition from Management of EdenCare Communities
June 18 2009 - 10:54PM
PR Newswire (US)
MCLEAN, Va., June 18 /PRNewswire-FirstCall/ -- Sunrise Senior
Living, Inc. (NYSE:SRZ) today announced that it will transition
from management of the EdenCare portfolio of communities. As
previously disclosed in its 2008 10-K, Sunrise could be terminated
in 2009 from management of a portfolio of communities that failed
to comply with their financial covenants in 2008. HCP announced
today that this termination right has been exercised. "While we
regret the loss of these communities, it was not unexpected," said
Mark Ordan, Sunrise's chief executive officer. "Sunrise looks
forward to continuing to manage 75 communities for HCP through its
long-term management contracts." About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs
approximately 40,000 people. As of May 8, 2009, Sunrise operated
411 communities in the United States, Canada, Germany and the
United Kingdom, with a combined unit capacity of approximately
42,000 units. Sunrise offers a full range of personalized senior
living services, including independent living, assisted living,
care for individuals with Alzheimer's and other forms of memory
loss, as well as nursing and rehabilitative services. Sunrise's
senior living services are delivered by staff trained to encourage
the independence, preserve the dignity, enable freedom of choice
and protect the privacy of residents. To learn more about Sunrise,
please visit http://www.sunriseseniorliving.com/. DATASOURCE:
Sunrise Senior Living, Inc. CONTACT: Meghan Lublin, Corporate and
Investor Communications of Sunrise Senior Living, Inc.,
+1-703-854-0299 Web Site: http://www.sunriseseniorliving.com/
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