Lucille Ball's '50s Ladylike Style
Should Cut-Offs Make A Comeback? These Celebs Say 'Yes'
No Sale At The Watergate
Filed under: Real Estate Developments
Washington D.C.'s Watergate Hotel was left high and dry on Tuesday as a public auction failed to attract a successful bid. The 10 bidders who came to the auction each with $1 million certified checks were told they would have to pay at least the $25 million floor set by the bank. No one was willing to go that high and so the lender PB Capital made a $25 million credit bid for the property. The hotel was facing foreclosure after Washington developer Monument Realty defaulted on a $70 million loan. Monument bought the hotel five years ago and it has been closed ever since. Initially the developer planned to cash in on the real estate craze by turning it into luxury co-op apartments. Last year it decided to keep it as a hotel. Lehman Brothers was also a partner and equity investor in the property. Now with the auction result, some are wondering what will happen to the 251-room hotel famous for its involvement in the scandal that led to the resignation of President Richard Nixon.
The Washington Post reports that all hope may not be lost though, there are a couple of developers interested in making offers on the hotel in a private sale. PB Capital plans to market the hotel to interested buyers. Erstwhile owner Monument Realty would still like to work with new investors to push on with the company's plan to restore the property to a five-star hotel. The Watergate still needs substantial renovations which could total as much as $100 million. Monument principal Michael Darby has indicated that one reason to keep his company involved is that Monument knows the property intimately while any new owners would be starting from scratch. The Post article also says that Virginia-based developer Robert Holland is talking with Dubai-based luxury hotel chain, Jumeirah, about operating the Watergate. It would likely take a great deal of money to bring the hotel up to Jumeirah standards.
[Thanks, C.K.]
PHOTOS: Most And Least Christian States In America
Rookie Cop Reportedly Berated, Called 'A Rat' For Arresting Off-Duty Officer
'I Am Now Who I Was Supposed To Be'
Rodents Run Amok at Upstate New York Walmart
Apple CEO Tim Cook interview at D10: the liveblog
Naked Face Eater's Victim ID'd
How I Went Bankrupt at 23
Can a New Guy Save Best Buy?
Waiter Down On His Luck Scores 19,000 Percent Tip
Beyonce 60-Pound Weight Loss: Queen B Flaunts New Figure During Comeback Concert Series
What's a Realistic Retirement Age?
Does Tebow Have A Secret Girlfriend?
I'm A Successful Entrepreneur But Might Get Deported
Carrie Underwood's Grunge Rock Past: 'I Was All About Pearl Jam'
New Video Shows Face-Eating Attack Lasted 18 Minutes
Mark Zuckerberg Makes Surprise Cameo on Chinese TV
Wynonna Judd's 33 Wildest Stage Costumes
Do Women Have A "Sexual Prime'"?
SLIDESHOW: Tattoos That Go Way Beyond Your Average Tramp Stamp
VIDEO, PHOTOS: Man Who Chewed Off Victim's Face ID'd
'Private Practice' Cast Shake Up
Boy Buys Old Polaroid Camera, Finds Picture Of Uncle
'Polish Death Camp' Remark Lands Obama In Hot Water
10 Inventors Killed By Their Own Inventions
PHOTOS: Did Jess Get Too Much Photoshop?
WATCH: Fox News Makes A Straight-Up GOP Commercial
Seattle Gunman Kills 5, Injures 1 Before Shooting Self To Death
Kathie Lee's Awkward Gaffe About Martin Short's Dead Wife
Brooke Shields Goes From 'Pretty Baby' To Gorgeous Woman
Parents Arrested On Suspicion Of Murder After Children's Tragic Deaths
Travel + Leisure: PHOTOS: America's Worst-Dressed People
Linda McQuaig: 10 Things Billionaires Don't Want You To Know