WASHINGTON, DC—MetLife has acquired the Fairmont Hotel in the West End for $180 million. Ivanhoe´ Cambridge is the seller of the 415-key luxury hotel, which is within walking distance to Georgetown.
The Fairmont was built in 1985 and renovated in 2002. The hotel has 28,000 square feet of meeting space and 4,800 square feet of executive conference space, plus large outdoor amenity space, which is rare for a hotel in the District.
The hotel's acquisition will deliver steady cash flows that MetLife needs for its long-term policyholder obligations, says Robert Merck, senior managing director and global head of real estate investments for MetLife. The deal "was a great opportunity to acquire a luxury asset in a top tier market."
As for Ivanhoe´ Cambridge the sale is part of a larger exit from its long-term hotel sales program, says Sylvain Fortier, EVP of Residential, Hotels and Real Estate Investment Funds at Ivanhoe´ Cambridge.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
