As the baby boom becomes an elder boom in coming decades, profound change will occur across North America and Europe as the elderly become a dominant part of the population. Almost half of Europe's population could be over 60 by the year 2050 as population growth slows. Those approaching retirement age today are at the vanguard of this much heralded demographic change, and with it, radical change in society's structure and business opportunity. Among those sectors expected to accelerate in demand is the assisted living marketplace. Assisted living represents a middle ground for the elderly.
Housing accompanied by some assistance allows seniors to remain independent as long as possible.
Services are tailored to the individual as they need them. Meanwhile, Wall Street has eagerly embraced offerings made by leaders in the industry, recognizing the significant growth prospects for assisted living. 2 Assisted living represents a prime opportunity for hospitality companies willing to use the core competencies of hospitality to develop and operate communities for seniors. While most of the major hospitality entities have merged, consolidated or entered new market segments in last few years. In June of 1996, Marriott completed its merger with Forum Group, in the process acquiring an additional 42 assisted living facilities.