"Yeah, sir, you might want to send a maintenance man over to that office across the way. The lights are off, and they must be looking for a fuse box, 'cause them flashlights, they keep me awake. "
Posted on 07/21/2009 5:49:52 PM PDT by freespirited
The Watergate Hotel was taken back this morning by the German bank that foreclosed on its debt-ridden owners at an auction that failed to attract any bids, despite international attention.
But the fate of the 251-room hotel that will be forever linked with the scandal that brought down Richard Nixon is far from decided. PB Capital, a subsidiary of Deutsche Postbank AG, made a $25 million credit bid for the property, which has views of the Potomac. The bank, which is owed $40 million by developer Monument Realty, will now market the 12-story hotel to interested buyers in a private sale, the lender's attorney, David Astrove, said.
At least two developers, including Monument, plan to negotiate directly with the lender. Monument bought the hotel in 2004 with financing from now-bankrupt Lehman Brothers.
Monument principal Michael Darby said he has commitments from new investors to move forward with the company's plan to restore the property to a five-star hotel.
"I have the money to move forward with a project," Darby said. "Whether the bank will work with us, I don't know."
Developer Robert Holland, whose projects include the Georgetown waterfront complex, also said he wants to buy the hotel and is talking to a United Arab Emirates-based luxury hotel chain, Jumeirah, about operating it.
"A lot of people are going to be visiting PB Capital to see if they can make a deal," Holland said.
The auction at the Wisconsin Avenue NW offices of Alex Cooper Auctioneers drew more than 150 spectators, international media crews and residents of the complex that includes the 42-year-old hotel, which needs an estimated $100 million in renovations. The Watergate Hotel attracted about 10 qualified bidders, but none, apparently, who were willing to pay $25 million.
(Excerpt) Read more at washingtonpost.com ...
I'm surprised Soros didnt buy it.
Seems to me the hotel’s history could be worked into a theme that could be marketed and would sell very well to those used to living in Chicago, now relocated to the DC area.
Don’t worry, El Supremo ZERO will buy it with tax-payer money and turn it into Welfare Housing.
For a long time I have tried to figure out how these top end hotels made money. I guess I have my answer. They didn’t.
“The Watergate Hotel attracted about 10 qualified bidders, but none, apparently, who were willing to pay $25 million.”
If it is on the block very long, the looters will break in and strip it...the final irony...
Hey, all is not lost. They still have that awesome salad to fall back on.☺
MAybe this bunch would like it: http://www.controlled-demolition.com/default.asp?
They should turn Ms. Lewinsky’s old apt. into a tourist attraction.
Let it rot. Let the homeless, crack dealers and prostitutes take over. Watergate is a church bingo conspiracy compared to all the ‘Rat scandals of the last 40 years.
The rich folks are now staying at the new National Harbor.
http://www.nationalharbor.com/
Just two miles downriver from the Blue Plains Sewage Treatment plant.
That is one weird salad.
G. Gordon Liddy should buy the place.
>>>> the 42-year-old hotel, which needs an estimated $100 million in renovations <<<<<
The problem is that it costs $100 million minimum for renovations. The hotel hasn’t been open for several years.
Next door in the Watergate office and mall complex they raised the rents a year or so ago and all the lux retailers abandoned ship.
100 million is pocket change to Congress. The feds could buy it for any number of purposes. All stupid of course.
Yum! I love a good Watergate Salad. It’s my favorite side dish/dessert.
>>>> 100 million is pocket change to Congress. The feds could buy it for any number of purposes. All stupid of course <<<<<
Why would “Congress” buy a hotel?
Its not like they have to pay cash. Since all the housing forclosures, “Congress” owns tons of houses, and can just trade 4 green houses for 1 red hotel.
It should be noted that the Watergate hotel is famous for being across the street from another hotel in which on October 30, 1998, the first national gathering of Freepers was held and from which the name FReeper developed.
The event preceded the March For Justice the following day during which about 5,000 dedicated FReepers rallied on the Washington Monument grounds and for the first time, the words IMPEACH, IMPEACH,IMPEACH! were loudly shouted in public.
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