Carey Watermark Investors 2 (CWI 2), a non-traded real estate investment trust, has acquired the Le Méridien Arlington, located outside of Washington, DC in Virginia. The property—the only Le Méridien hotel in the Virginia and Washington, DC markets—will continue to be managed by HEI Hotels & Resorts. The 4-Star hotel is part of a mixed-use development housing 621,000-square-feet of office space and 136 residential units.
“The acquisition of Le Méridien Arlington represented the opportunity to secure a fully renovated asset in one of the most attractive locations in Arlington and the Washington, DC region,” says CWI 2 CEO Michael Medzigian. “Given this positioning, as well as the limited availability of other sites for hotel development in the Rosslyn market, we believe the property will continue to generate attractive near term cash flow and add incremental long-term value to CWI 2’s portfolio.”
Rebranded as the Le Méridien in 2012, the property is currently undergoing a $3 million softgoods renovation of its 154 guestrooms and 9,300-square-feet of meeting space. Situated across the Potomac River from Georgetown, the hotel is the only hotel development in Rosslyn since 2000.
