The (in)famous Watergate Hotel in Washington, D.C., which fell into disrepair in 2007 and then foreclosure two years later, has been sold for $45 million in cash to Euro Capital Properties, according to The Washington Post.
Located at 2650 Virginia Avenue NW, the 251-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.
In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up
Nixon resigned two years later in 1974 to avoid impeachment.
In 2009, then-owner Monument Realty defaulted on a $40 million loan, forcing the lender to foreclose on the fabled landmark, which overlooks the Potomac River near the heart of the nation’s capital.
It’s that ideal location, as well as Watergate’s rich history, which convinced the new owners to make such a large investment.
Euro Capital principal Jacques Cohen explains:
“There’s no other property in walking distance of Georgetown and that close to the White House and the Kennedy Center … and that has the most gorgeous views in Washington.”
Cohen explains that Euro Capital will dump an additional $50 million into Watergate in renovations that include luxury condominiums, a spa and ample meeting space, as well as restaurants and bars, among other amenities.
Rooms, according to the report, will likely fetch more than $300 a night.
