George Washington University said Friday it will use more than $50 million from the recent sale of its stake in GW Hospital for a major expansion of faculty in medicine, health and science.
“This is transformational for us,” said university President Mark S. Wrighton. “Of course, recruiting and retaining outstanding members of our faculty is a key priority.”
In August, GWU completed the sale of its 20 percent partnership share in GW Hospital. That netted about $54 million for the university. The hospital, next to Washington Circle in the District, is now wholly owned by Universal Health Services.
With the proceeds from the sale, GWU said it will add nine endowed professorships to its school of medicine and health sciences, and one each in public health, nursing, chemistry, biology and biomedical engineering.
Searches for the faculty positions will begin soon.
GWU had about 26,500 students as of fall 2021. As of 2020, according to federal data, the university had 1,255 faculty members, including 426 with the rank of professor. The university did not have a count immediately available Friday of the number of professors who are now in endowed chairs.