Published: Wednesday, July 22, 2009
Bidders don't bite on The Watergate Hotel
Bidders interested in The Watergate Hotel apparently didn't think the building was a steal.
The Washington, D.C.-based hotel, made famous in the Nixon era, went to auction Tuesday, but failed to attract a bid and has been taken back by the lender that holds the $40 million note on it.
PB Capital Corp. took back the property Tuesday after bidding opened at $25 million and there were no takers. The 30-day foreclosure notice, sent to hotel owner Monument Realty, expired Thursday.
The hotel, part of a larger Watergate complex, gained notoriety in the 1972 burglary that led to Nixon's resignation.
-- Associated Press
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