Full Ownership of Three Senior Living Communities Acquired by CC-Development Group, Inc., the Parent Company of Classic Residence by Hyatt

Classic Residence by Hyatt, a national leader in senior living, today announced that subsidiaries of CC-Development Group, Inc., the parent company of Classic Residence by Hyatt, have purchased the partnership interests held by Forest City Enterprises, Inc., in the Classic Residence by Hyatt communities located in Chevy Chase, Maryland; Teaneck, New Jersey; and Yonkers, New York. The three senior living communities were developed in partnership by Classic Residence by Hyatt and Forest City, the Cleveland-based real estate concern.

The leadership, management and day-to-day operations of the three communities will not change as a result of this transaction. Classic Residence by Hyatt's commitment to serving its residents also remains 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 Classic Residence by Hyatt," said Randal J. Richardson, president of Classic Residence by Hyatt. "This transaction reflects our continued commitment to our employees and to the service and care of our residents."