Emeritus Corporation Announces Acquisition of 24 Assisted Living Communities, Pay $99M for Blackstone's 81% Stake In Venture (ESC)

Emeritus Corporation ESC, a national provider of senior living services, today announced that the Company has entered into a purchase and sale agreement with affiliates of Blackstone Real Estate Advisors to acquire 24 assisted living communities comprised of approximately 1,867 units. The 24 communities are currently owned by a joint venture comprised of Emeritus and Blackstone in which the Company owns a 19% interest and Blackstone an 81% interest. The Company has been operating these communities since late 2006 under management agreements for a fee equal to 5% of collected revenues.