Located in the District's West End area between Georgetown and Dupont Circle, the hotel has occupied the corner of M and 24th streets since its development in 1985, and sits just across the street from the Park Hyatt Hotel and adjacent to the Westin Grand Hotel. Its amenities include 29,000 sf of meeting room space, a 17,500-sf fitness center, a ballroom capable of accommodating up to 500, and a ground-level restaurant accessible from inside and outside the hotel. The name change will not be the hotel's first. Destination changed the property's name from The ANA Hotel to Monarch after acquiring it from All Nippon Airways in 1998. The hotel underwent a $12-million upgrade the following year.

"With a well diversified portfolio in Canada, the timing was right for Legacy to seek expansion in the United States," says Legacy vice chairman and CEO William R. Fatt. "The Monarch Hotel is an exceptional property in an important new market and represents the qualities we seek for our portfolio of luxury hotels. We anticipate that the Monarch Hotel will benefit from the Fairmont brand and ultimately from the rebound in the US economy." District records note the property's 2003 assessed value at just under $65 million; about $8 million less than its previously assessed value. Legacy's work in Washington may not be done yet. In a comment following the announcement of the company's third quarter earnings results, Fatt adds that Legacy officials "are currently pursuing acquisition opportunities that we believe would complement our existing portfolio while increasing the long-term value for our unitholders."