MetLife Buys Fairmont Hotel for $180 Million

With 415 rooms, 28,000 square feet of meeting space, and a four star AAA rating, Fairmont Hotel has a new owner.

MetLife Inc., an international holding corporation, announced on Monday that it acquired the building for $180 million. The company will be the only owner of the luxury hotel at 2401 M Street NW.

“We’re very pleased to add such a high-quality and well-known hotel as the Fairmont Washington to our portfolio,” Robert Merck, senior managing director and global head of real estate investments of MetLife, said in a news release.

Fairmont, built in 1985, was previously owned by Ivanhoé Cambridge. The hotel had renovations in 2002 and features a spa, 24-hour fitness center, bar and restaurant and more.

“This was a great opportunity to acquire a luxury asset in a top tier market. It will complement our strategic approach to real estate and generate the kind of steady cash flows we need to meet our long-term policyholder obligations,” Merck said.

For more information visit MetLife Inc. or Fairmont Hotel.

Photo Credit: Fairmont.com