Sunrise Senior Living Completes Purchase and Sale Agreement and Enters New Joint Venture

Sunrise Senior Living, Inc. SRZ announced today that on January 10, 2011, the Company completed the previously announced purchase and sale agreement with a wholly owned subsidiary of CNL Lifestyle Properties and an affiliate of Arcapita, which was Sunrise's joint venture partner in 29 Sunrise-managed communities. As part of the transaction, Arcapita sold its 90 percent ownership interest in the joint venture for $262 million to a new joint venture between CNL Lifestyle Properties and Sunrise, where Sunrise contributed its interest in the previous joint venture for 40 percent ownership interest in the new venture. The portfolio was valued at approximately $630 million. Sunrise also announced that, as part of its new joint venture agreement with CNL Lifestyle Properties, the Company will have the option to purchase CNL Lifestyle Properties' interest in the joint venture beginning from the start of year three to the end of year six.