Published in Health Business Week, September 30th, 2005
In connection with the cancellation of these management contracts, and upon payment of over $80 million in buyout fees from Five Star, Sunrise expects to cease management of these 12 communities on December 29, 2005. The precise fees will be determined prior to termination under the formula provided in the management contracts. Sunrise acquired these 12 contracts as part of its acquisition of Marriott Senior Living Services in 2003 and allocated approximately $15 million of the...
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