Watergate Hotel Sold, Will Open as Luxury Hotel

By Brandon Benavides
|  Thursday, May 27, 2010  |  Updated 3:34 PM EDT
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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.

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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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