WASHINGTON, DC—MetLife has acquired theFairmont Hotel in the West End for $180million. Ivanhoe´ Cambridge is the sellerof the 415-key luxury hotel, which is within walking distance toGeorgetown.
The Fairmont was built in 1985 and renovated in 2002. The hotelhas 28,000 square feet of meeting space and 4,800 square feet ofexecutive conference space, plus large outdoor amenity space, whichis rare for a hotel in the District.
The hotel's acquisition will deliver steady cash flows thatMetLife needs for its long-term policyholder obligations, saysRobert Merck, senior managing director and globalhead of real estate investments for MetLife. The deal "was a greatopportunity to acquire a luxury asset in a top tier market."
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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.
