Dupont Circle’s historic Fairfax at Embassy Row hotel has been sold, and the new owner plans to turn it into senior housing.
Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) have acquired the property at 2100 Massachusetts Ave. NW from New York City-based Westbrook Partners, per a release. The price reported to the D.C. Recorder of Deeds was $58.1 million, though hotel deeds often reflect lower sale prices due to the removal of some of the hotel’s intangible assets, such as customer base and reputation, for tax purposes.
The new owners said in a release they will convert the eight-story, 173,932-square-foot hotel into a 174-unit senior living community, to be called Inspīr Embassy Row. The release does not disclose specifics of the renovation or projected costs.
Officials at the hotel, Maplewood and Westbrook weren’t immediately available to discuss the deal. Maplewood has properties in five states, but this will be its first in Greater Washington and the…Read the full story from the Washington Business Journal.