May 28, 2010 Leave a comment
The 251-room Watergate Hotel where our president Nixon made himself famous, was acquired by Euro Capital Properties for $45 million from the bank that had foreclosed on it last year, according to The Washington Post.
The seller was German bank PB Capital. The bank had seized the property last year after former owner Monument Realty, which had intended to convert the hotel to condominiums, defaulted on its $40 million loan.
Euro Capital Properties intends to spend several dozen million dollars renovating and updating the hotel into an upper-upscale hotel with rates of roughly $300 per night. However, it could take up to two years before the renovation is complete and the hotel reopened. Read more of this post