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Emeritus and Columbia Pacific Advisors to Explore Opportunities For Senior Housing in China

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^{Published in Health and Fitness on Thursday, January 27th 2011 at 4:36 GMT by Market Wire}  

SEATTLE--([ BUSINESS WIRE ])--Emeritus Corporation (NYSE: ESC), a national provider of senior living services and Seattle-based Columbia Pacific Advisors today announced that they have entered into a memorandum of understanding to begin exploring the potential to develop senior housing in China.

"The potential for senior housing in China is staggering"

Under the memorandum, Columbia Pacific Advisors will conduct due diligence with respect to senior living development opportunities in China. Should projects emerge, Emeritus will have the opportunity to participate in the venture up to 50%. Emeritus is one of the largest providers of senior living in the United States, with 479 communities in 42 states.

Granger Cobb, Emeritus Chief Executive Officer stated, aWe believe there is huge opportunity for senior housing and senior living services in China. The prospect of partnering with Dan and his team at Columbia Pacific, who have successfully been developing hospitals in Asia for 15 years, is very exciting for Emeritus. Our arrangement enables the Company to participate in the growth of China, with minimal financial risk and resources required at this point in time.a

Columbia Pacific Advisors manages investment funds and through a related company, Columbia Asia, has a significant international footprint developing hospitals throughout Asia, particularly in India and Malaysia.

Dan Baty serves as Chairman of Emeritus and he is a founder of Columbia Pacific Advisors. aThe potential for senior housing in China is staggering,a Mr. Baty said. aChina has more than 167 million people age 60 or over. It is forecasted that this will approach a half a billion by the year 2050. The need is great and the industry is still in its infancy. In many ways China is where the U.S. was in the 1960a™s when we first began to develop a senior housing industry for aging Americans.a

The population of seniors in China is growing dramatically, and additional changes point to the need for assisted living and memory care services. Younger people are moving from the countryside to urban areas pursuing ever increasing employment opportunities. China is also known to have had a one-child policy for many years, so there are not large families to care for the elderly. Furthermore, life expectancy continues to rise from the mid-forties in 1950 to about 75 years old today.

About Columbia Pacific Advisors:

Columbia Pacific Advisors, LLC

Columbia Pacific Advisors, LLC is a registered investment advisor that along with its affiliates manages assets of approximately $700 million in a variety of alternative investment strategies. Columbia Pacific Advisors LLC is headquartered in Seattle, WA.

About Emeritus

Emeritus Corporation is a national provider of senior living services. Emeritus is one of the largest and most experienced operators of freestanding assisted living communities located throughout the United States. These communities provide a residential housing alternative for senior citizens who need assistance with the activities of daily living, with an emphasis on personal care services, which provides support to the residents in the aging process. Emeritus currently operates 479 communities in 42 states representing capacity for approximately 42,500 units and approximately 49,700 residents. Additional information about the Company can be located on the Internet at [ www.emeritus.com ].