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      8-K March 07 Debenture offer of cash to convert completed Private Transaction
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        </div>U.S. SECURITIES AND EXCHANGE COMMISSION</div>
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        REPORT</strong></font></div>
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        of
        report (Date of earliest event reported):</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
        March 8, 2007</strong></font></div>
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        CORPORATION</strong></font></div>
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        Written
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        Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
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        communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.02 Unregistered Sales of Equity Securities</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        March
        9, 2007, Emeritus Corporation (the "Company") announced that, pursuant to
        its
        previously announced offer to the holders of its 6.25% Convertible Subordinated
        Debentures due 2008 ("debentures") to pay a conversion incentive payment
        to each
        holder who elected to convert their debentures in full by March&#160;8, 2007,
        debentures in the aggregate principal amount of $16.120 million were voluntarily
        converted at a conversion price of $22.00 per share. Pursuant to these
        conversions, the Company issued 732,726 shares of its common stock. These
        shares
        were issued by the Company without registration in reliance on the exemption
        from registration provided by Section 3(a)(9) of the Securities Act of 1933,
        as
        amended, and Rule 150 thereunder. The Company did not pay any commission
        or
        other remuneration, directly or indirectly, for soliciting the early conversion
        of debentures pursuant to the Company's offer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the terms of the offer, the holders of debentures who converted their
        debentures early in connection with the offer will also receive cash payments
        totaling approximately $1.5 million, which represents an amount that is
        equivalent to the amount of interest the converting holders would have received
        if they held the debentures to maturity. This payment will be expensed in
        the
        first quarter of 2007 and made on April 16, 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company has $10.455 million in principal amount of debentures remaining
        outstanding. Pursuant to a provision in the Indenture, dated as of November
        23,
        2005, between the Company and U.S. Bank, National Association as trustee,
        the
        remaining debentures mature July&#160;1, 2008 and bear interest at a rate of
        6.25%, are payable semi-annually on January 1 and July 1, are convertible
        into
        shares of the Company&#8217;s common stock at any time prior to maturity at a
        conversion price of $22.00 per share, subject to adjustment in certain events,
        are subordinated to all of our existing and future senior indebtedness, and
        are
        not redeemable by the Company. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        8.01 Other Events.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company issued a press release on March 9, 2007, announcing the completion
        of
        its offer to holders of its outstanding debentures to pay a conversion incentive
        payment to holders who elected to convert their debentures by March 8, 2007.
        A
        copy of the press release is being furnished as Exhibit 99.1 to this Current
        Report on Form 8-K.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Exhibits and Financial Statements.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(d)
        Exhibits.</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release dated March 9, 2007, </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned, hereunto duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                  March 9, 2007</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EMERITUS
                  CORPORATION</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="right" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="bottom" width="40%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Raymond R. Brandstrom</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
                  R. Brandstrom</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                  President of Finance, Chief Financial Officer</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  Secretary</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEX
        TO EXHIBITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
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            <tr>
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              <td align="left" valign="top" width="65%">&#160;</td>
            </tr>
            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex991pressrelconvertdebentur.htm">99.1</a></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex991pressrelconvertdebentur.htm">Press
                  Release dated March 9,
                  2007</a></font></div>
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8-K March 07 Debenture offer of cash to convert completed Private Transaction
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
____________
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of
the
        Securities Exchange Act of 1934
Date
        of
        report (Date of earliest event reported):
March 8, 2007
EMERITUS
        CORPORATION
(Exact
        name of registrant as specified in charter)
Washington
1-14012
91-1605464
(State
                  or other jurisdiction of incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification No.)
3131
        Elliott Avenue, Suite 500
Seattle,
        Washington 98121
(Address
        of principal executive offices) (Zip Code)
(206)
        298-2909
(Registrant's
        telephone number, including area code)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
o
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))
x
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
Item
        3.02 Unregistered Sales of Equity Securities
On
        March
        9, 2007, Emeritus Corporation (the "Company") announced that, pursuant to
        its
        previously announced offer to the holders of its 6.25% Convertible Subordinated
        Debentures due 2008 ("debentures") to pay a conversion incentive payment
        to each
        holder who elected to convert their debentures in full by March 8, 2007,
        debentures in the aggregate principal amount of $16.120 million were voluntarily
        converted at a conversion price of $22.00 per share. Pursuant to these
        conversions, the Company issued 732,726 shares of its common stock. These
        shares
        were issued by the Company without registration in reliance on the exemption
        from registration provided by Section 3(a)(9) of the Securities Act of 1933,
        as
        amended, and Rule 150 thereunder. The Company did not pay any commission
        or
        other remuneration, directly or indirectly, for soliciting the early conversion
        of debentures pursuant to the Company's offer.
Pursuant
        to the terms of the offer, the holders of debentures who converted their
        debentures early in connection with the offer will also receive cash payments
        totaling approximately $1.5 million, which represents an amount that is
        equivalent to the amount of interest the converting holders would have received
        if they held the debentures to maturity. This payment will be expensed in
        the
        first quarter of 2007 and made on April 16, 2007.
The
        Company has $10.455 million in principal amount of debentures remaining
        outstanding. Pursuant to a provision in the Indenture, dated as of November
        23,
        2005, between the Company and U.S. Bank, National Association as trustee,
        the
        remaining debentures mature July 1, 2008 and bear interest at a rate of
        6.25%, are payable semi-annually on January 1 and July 1, are convertible
        into
        shares of the Company's common stock at any time prior to maturity at a
        conversion price of $22.00 per share, subject to adjustment in certain events,
        are subordinated to all of our existing and future senior indebtedness, and
        are
        not redeemable by the Company.
Item
        8.01 Other Events.
The
        Company issued a press release on March 9, 2007, announcing the completion
        of
        its offer to holders of its outstanding debentures to pay a conversion incentive
        payment to holders who elected to convert their debentures by March 8, 2007.
        A
        copy of the press release is being furnished as Exhibit 99.1 to this Current
        Report on Form 8-K.
Item
        9.01 Exhibits and Financial Statements.
(d)
        Exhibits.
99.1
Press
                  Release dated March 9, 2007,
[The
        rest
        of this page is intentionally left blank]
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned, hereunto duly authorized.
Dated:
                  March 9, 2007
EMERITUS
                  CORPORATION
By:
/s/
                  Raymond R. Brandstrom
Raymond
                  R. Brandstrom
Vice
                  President of Finance, Chief Financial Officer
and
                  Secretary
INDEX
        TO EXHIBITS
99.1
Press
                  Release dated March 9,
                  2007