Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, has sold the Fairmont Hotel in Washington, D.C., to MetLife for US$180 million ($207.8 million).
“We are pleased with this transaction, which brings us closer to the completion of our long-term hotel sales program,” says Sylvain Fortier, executive vice-president, residential, hotels and real estate investment funds, at Ivanhoé Cambridge.
The hotel is located in the West End neighbourhood of the capital next to historic Georgetown. Fairmont Hotels & Resorts will manage the property for MetLife.
MetLife is one of the largest investors in the real estate industry, with nearly US$59 billion in real estate-invested assets, including US$43 billion in commercial mortgages and nearly US$16 billion in equity investments as of September 2014.
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