Watergate deal closes at $45 million
The most notorious hotel in the country has sold for $45 million, the Washington Business Journal reports. The iconic and curiously designed waterfront resort was the site of the 1972 Democratic headquarters break-in that sparked a nationwide scandal and prompted Richard Nixon to resign the presidency.
Euro Capital Properties, a New York-based property investor, purchased the hotel on May 26 after the hotel endured a year-long spell in limbo. Monument Realty, which previously owned the property, was forced to give it up to foreclosure after an attempt to auction it off last July attracted few buyers. The hotel remained up for sale until yesterday's deal.
Euro Capital, known for adeptly placing successful hotels in major cities, plans to revamp the Watergate property, perhaps even adding residential units to the mix.