TORONTO— Fairmont Hotels & Resorts Inc. will assume management of the Monarch Hotel in Washington, D.C., bringing the chains luxury collection to 40 properties in six countries. The hotel will be officially flagged The Fairmont Washington, D.C. in November. Legacy Hotels Real Estate Investment Trust has agreed to acquire the hotel for a purchase price of approximately $145 million, plus closing costs. The transaction is expected to close in early November, subject to certain conditions. William Fatt, CEO/FHR, said, “Washington, D.C., is a strategic market for us, with highly favorable demographics and limited supply growth, and has been a top priority for expanding the brand. With its recently renovated guestrooms, extensive meeting space and prominent Georgetown location, the Monarch Hotel will be an excellent complement to Fairmonts luxury collection.” FHR and Legacy will reposition the hotel as a “Fairmont-quality asset.” Current plans include the conversion of certain guestrooms into Fairmont Gold, Fairmonts “hotel within a hotel” product, featuring private check-in, exclusive concierge services and other amenities. This will be Fairmonts first Fairmont Gold product in the United States.
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