CIM Group Acquires the 254-Room the Crowne Plaza Hotel Alexandria in Alexandria, Virginia
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.