Sunrise Signs Agreement to Develop Fox Hill, a Senior Living Condominium Community Outside Washington D.C.

Monday, November 7, 2005 8:08 am EST

Dateline:

MCLEAN, Va.

Public Company Information:

NYSE:
SRZ
"Today's seniors are active and engaged individuals who seek a variety of lifestyle options"

Sunrise Senior Living, Inc. (NYSE: SRZ) today announced that it entered into an agreement with HSH Nordbank AG, acting through its New York branch, in the September 2005 quarter to jointly fund a venture for the development of Fox Hill, a luxury senior condominium community in Bethesda, Maryland, located near Washington D.C., with the capacity for 330 residents. Sunrise will manage this community under a long-term management agreement. As of November 1, the community has received priority deposits for more than 35% of the units, indicating a high level of interest for this type of community. Fox Hill is expected to open in early 2008.

"Today's seniors are active and engaged individuals who seek a variety of lifestyle options," says Paul Klaassen, chairman and CEO of Sunrise Senior Living. "Fox Hill will support this lifestyle with extraordinary amenities, premium services and uncompromising attention to detail. It is apparent the DC metropolitan market was looking for this type of luxury community. We are extremely pleased with the high level of interest this community already has received. Since we began accepting priority deposits four weeks ago, we have received nearly 90 commitments. This far exceeds our expectation and reinforces the desire among seniors for a luxury senior condominium community."

Fox Hill, a senior condominium community developed and managed by Sunrise Senior Living for people aged 60 and over, will offer its residents an upscale lifestyle by combining a prime Bethesda, Maryland location on 16.4 wooded acres with luxury condominium residences, extensive amenities and first-class service. Fox Hill will have 240 condominiums including one-, two- and three-bedroom residences. In addition to its condominiums, Fox Hill will offer beautiful accommodations for assisted living and Alzheimer's care. An outpatient rehabilitation center covering physical, occupational and speech therapies will be located on-site as well. Unlike many senior communities, Fox Hill will be an equity-based condominium, not a rental community.

Fox Hill will offer a long list of upscale amenities. A spa offering beauty and therapeutic treatments, a 200-seat performing arts center, a media center, an indoor driving range, an artists' studio and a fully equipped fitness center complete with an indoor swimming pool and whirlpool are just a few of the community amenities that residents will enjoy at Fox Hill.

Residents also will enjoy a full range of convenient services. Plans include a bank branch on premises, a full-service concierge desk, a variety of dining options including in-room delivery, housekeeping for the personal residences, garage parking and transportation services, to name just a few. The quality staff at Fox Hill will include chefs, wait staff, security, drivers, hair stylists, activity coordinators and concierge among others.

Sunrise Senior Living is the nation's largest provider of senior living services. The McLean, Va.-based Company employs more than 38,000 people. As of August 31, 2005, Sunrise operated 424 communities in the United States, Canada, Germany and the United Kingdom with a combined capacity for approximately 53,000 residents. Sunrise also had 36 communities under construction in these countries with a combined capacity for more than 3,700 residents. 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 care. 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 https://www.sunriseseniorliving.com/.

Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Sunrise believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurances that its expectations will be realized. Sunrise's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, our ability to integrate The Fountains and Greystone acquisitions into our operations, development and construction risks, acquisition risks, licensing risks, business conditions, competition, changes in interest rates, our ability to manage our expenses, market factors that could affect the value of our properties, the risks of downturns in general economic conditions, satisfaction of closing conditions and availability of financing for development and acquisitions. These and other risks are detailed in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Web site: https://www.sunriseseniorliving.com/

 

Contact:

Kenneth J. Abod
Senior Vice President and Treasurer of Sunrise Senior Living, Inc.
+1-703-273-7500

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