METLIFE ACQUIRES FAIRMONT HOTEL IN WASHINGTON, D.C.

Adds Top Hotel to Real Estate Portfolio for $180 Million

MetLife, Inc. (NYSE: MET) today announced that it has acquired the Fairmont Hotel in Washington, D.C., for $180 million from Ivanhoé Cambridge. The 415-room Fairmont has a four diamond rating from AAA and is one of the premier luxury hotels in the nation’s capital.

MetLife is the sole owner of the hotel, which is located in the West End of the capital next to historic Georgetown. Fairmont Hotels & Resorts will manage the property for MetLife. Washington, D.C., is one of the country’s most stable hotel markets.

“We’re very pleased to add such a high-quality and well-known hotel as the Fairmont Washington to our portfolio,” said Robert Merck, senior managing director and global head of real estate investments for MetLife. “This was a great opportunity to acquire a luxury asset in a top tier market. It will complement our strategic approach to real estate and generate the kind of steady cash flows we need to meet our long-term policyholder obligations.”

The Fairmont was built in 1985 and renovated in 2002. In addition to 385 guest rooms and 30 suites, the hotel has 28,000 square feet of meeting space and 4,800 square feet of executive conference space. It is also one of only three hotels in the capital with a large outdoor amenity space.

“We are pleased with this transaction, which brings us closer to the completion of our long-term hotel sales program,” said Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge.

With more than 100 years of real estate investment experience, MetLife is one of the largest investors in the industry, with nearly $59 billion in real estate invested assets, including $43 billion in commercial mortgages and nearly $16 billion in equity investments as of September 2014. Investing in real estate provides MetLife with opportunities designed to match the long-term liabilities the company writes through its insurance products.

 

About MetLife, Inc. 
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

About Ivanhoé Cambridge 
Ivanhoé Cambridge leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.

This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s most recent Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions “Note Regarding Forward-Looking Statements” and “Risk Factors” and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

 

Contact:

MetLife
Fred Pieretti
(347) 265-8515
fpieretti@metlife.com