January 29, 2010
Dear Friends of Classic Residence by Hyatt,
I am pleased to announce that Classic Residence by Hyatt has purchased the partnership interests held by Forest City in the Classic Residence by Hyatt communities located in Chevy Chase, MD, Teaneck, NJ and Yonkers, NY. All three of these communities were developed in partnership by Classic Residence by Hyatt and Forest City. Forest City made a decision to exit the senior living business, which created an opportunity for Classic Residence by Hyatt to purchase their interests.
It is important for all of you to know that our leadership and management of these communities will not change as a result of this transaction. The day-to-day operation of the communities and our commitment to our residents will remain unchanged.
Our partnership with Forest City over the last two decades in these communities has been an important relationship for the growth and development of our company. We value the relationship we have had with Forest City and we wish them the best in their future endeavors.
This is a positive event for our company representing our continued commitment to the business and to the service and care of our residents.
Yours in service,
Randal J. Richardson
President
Classic Residence by Hyatt