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The Watergate Hotel, with its fortress-like architecture, was sold at auction for $25 million July 21, 2009. The infamous hotel failed to find any outside bidders and was bought by the bank that foreclosed on its debt-ridden owners at an auction.
A European real estate group bought the Watergate hotel for about $45 million.
Euro Watergate hotel, a holding company of Euro Capital Properties, closed the deal Wednesday.
The hotel has been closed since 2007, when the former owner -- Monument Realty -- defaulted and the bank foreclosed.
Euro Capital will turn the property into a 12-story, 251-room luxury hotel and could make the top floor high-end condos. The rate could be more than $300 a night.
The Watergate Hotel is part of the complex made famous by the 1972 break-in at the Democratic National Committee office that developed into a scandal leading to the resignation of President Richard Nixon to resign.
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