CIM Group Acquires 254-Room Hotel in Alexandria, Virginia

Joint Ventures with Carr Companies

ALEXANDRIA, Va.–(BUSINESS WIRE)–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. In Alexandria, CIM currently
owns and operates EOS Twenty-One, a 1,180-unit residential community and
Park Place at Van Dorn, a 285-unit residential community.

ABOUT CIM GROUP

CIM is a community-focused real estate and infrastructure owner,
operator and lender. Since 1994, CIM has led more than $60 billion of
projects in communities across the Americas on behalf of its own account
and for its partners and co-investors. CIM’s broad in-house expertise
includes decades of research, acquisition, credit analysis, development,
finance, leasing and property management experience in real assets
located in and serving densely-populated communities, net-lease assets
and other associated credit strategies. Using its disciplined approach
and extensive in-house expertise, CIM seeks to create value in projects,
which ultimately enhances communities. For more information, visit www.cimgroup.com.

ABOUT CARR COMPANIES

Carr is a “family” owned company founded by Arthur Carr in 1918. Carr
has been building homes, workplaces, hotels and places to shop for more
than a century. Recognizing and responding to change has been the
cornerstone to our success in adding value to assets by improving the
lives of the people they serve. The Carr Companies maintains ownership
and management interests in over 40 executive suite, hotel, commercial
and retail assets in 8 markets across the country. Carr is dedicated to
creating a healthy mixture of uses in desirable locations by working
together with all stakeholders both public and private to deliver the
best end result for the communities in which we develop. For more
information, visit http://www.thecarrcompanies.com/.

Contacts

CIM GROUP
Karen Diehl
Diehl Communications
310-741-9097

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