CIM Group Acquires 254-Room Hotel in Alexandria, Virginia
ALEXANDRIA, Va.--CIM Group announced today that it has acquired the Crowne Plaza Hotel Alexandria, a 254-room, 12-story hotel located at 901 N. Fairfax Street in Old Town Alexandria. CIM acquired the hotel with Carr Companies.
The hotel is situated on the Potomac River and boasts panoramic views of the Potomac River and Montgomery Park. The hotel also sits adjacent to the Mount Vernon Trail to the east, a popular walking and biking trail that connects George Washington’s Mount Vernon to Theodore Roosevelt Island, and is another outdoor amenity bordering the property. The property is located just a few blocks from King Street, which offers an abundance of independent galleries, stylish boutiques and national retailers within a colonial waterfront setting.
901 N. Fairfax is easily accessible from key highways, with direct access from the George Washington Memorial Parkway, Route 1, and is near the Capitol Beltway (I-495). The property is also situated less than a mile from the Braddock Road Metro Station and five blocks from the Potomac River Boat Company Water Taxi, which provides access to Georgetown, National Harbor, and the Wharf. Additionally, Reagan National Airport is less than a 4 mile ride.
CIM has been active in the greater Washington, D.C. area for more than 15 years, when it qualified a number of communities in the area for investment. CIM utilizes its broad expertise to own, develop, reposition, or operate properties to serve the real estate needs, which enhances the communities. The acquisition of 901 N. Fairfax is another addition to CIM’s greater Washington, D.C. portfolio, which includes office, hotel, and residential properties. In Alexandria, CIM currently owns and operates EOS Twenty-One, a 1,180-unit residential community and Park Place at Van Dorn, a 285-unit residential community.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.
ABOUT CARR COMPANIES
Carr is a "family" owned company founded by Arthur Carr in 1918. Carr has been building homes, workplaces, hotels and places to shop for more than a century. Recognizing and responding to change has been the cornerstone to our success in adding value to assets by improving the lives of the people they serve. The Carr Companies maintains ownership and management interests in over 40 executive suite, hotel, commercial and retail assets in 8 markets across the country. Carr is dedicated to creating a healthy mixture of uses in desirable locations by working together with all stakeholders both public and private to deliver the best end result for the communities in which we develop. For more information, visit http://www.thecarrcompanies.com/.