The Watergate Hotel, a D.C. landmark made famous by President Nixon’s downfall, went on the auction block Tuesday and was sold to the current owner’s lender after failing to attract more than the opening bid.
The bidding at Alex Cooper Auctioneers in the District started — and ended — at $25 million, with the foreclosed property being taken back by PB Capital Corp.
Developer Monument Realty, which bought it in 2004, owed PB Capital $40 million, according to the Washington Business Journal.
So, what happens next? It’s possible a private buyer will step forward and try to purchase the hotel, which is estimated to need tens of millions of dollars in renovations before it could re-open.
Read the full story “Watergate Hotel sold to highest, lowest bidder” in WTOP (July 21, 2009).