Watergate deal closes at $45 million

Courtesy Flickr user BAR Photography

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.

Previous
1
Next

Post New Comment

Comments which are spam, off-topic, abusive, or use excessive foul language will be deleted.
No HTML markup is allowed. URLs will be turned into links automatically. 3000 character limit.

If you want a small picture next to your comments, get a gravatar.

 
Wed, 23 Apr 2014 06:44:03 -0400

Subscribe to our newsletter to receive the latest Georgetowner updates.