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

USA, Alexandria, Virginia. March 18, 2019

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. 

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The hotel industry has undertaken a long-term effort to build more responsible and socially conscious businesses. What began with small efforts to reduce waste - such as paperless checkouts and refillable soap dispensers - has evolved into an international movement toward implementing sustainable development practices. In addition to establishing themselves as good corporate citizens, adopting eco-friendly practices is sound business for hotels. According to a recent report from Deloitte, 95% of business travelers believe the hotel industry should be undertaking “green” initiatives, and Millennials are twice as likely to support brands with strong management of environmental and social issues. Given these conclusions, hotels are continuing to innovate in the areas of environmental sustainability. For example, one leading hotel chain has designed special elevators that collect kinetic energy from the moving lift and in the process, they have reduced their energy consumption by 50%  over conventional elevators. Also, they installed an advanced air conditioning system which employs a magnetic mechanical system that makes them more energy efficient. Other hotels are installing Intelligent Building Systems which monitor and control temperatures in rooms, common areas and swimming pools, as well as ventilation and cold water systems. Some hotels are installing Electric Vehicle charging stations, planting rooftop gardens, implementing stringent recycling programs, and insisting on the use of biodegradable materials. Another trend is the creation of Green Teams within a hotel's operation that are tasked to implement earth-friendly practices and manage budgets for green projects. Some hotels have even gone so far as to curtail or eliminate room service, believing that keeping the kitchen open 24/7 isn't terribly sustainable. The May issue of the Hotel Business Review will document what some hotels are doing to integrate sustainable practices into their operations and how they are benefiting from them.