Watergate Hotel has been sold
[This post has been updated]
The Watergate Hotel was sold Wednesday to a European real estate group that plans to restore the fabled, 251-room property to a luxury hotel, The Washington Post has learned.
Almost a year after Monument Realty defaulted on a $40 million loan, Euro Capital Properties closed on a cash deal worth approximately $45 million to buy the landmark overlooking the Potomac River, part of a complex of buildings made famous by the burglary that led to President Richard M. Nixon's resignation.
The sale was confirmed by Marc Magazine, who led the team that handled the sale for brokerage firm CB Richard Ellis.
-- Lisa Rein
Posted by: Kdarienzo | May 26, 2010 7:11 PM | Report abuse
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