Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-For the past several weeks, rumors have been circulating that commercial developer Robert Holland is in talks to buy the Watergate Hotel, along with a Dubai-based hotel owner, Jumeirah Group. The hotel returned to German-bank PB Capital earlier this year after owner Monument Realty defaulted on a $44.3 million loan.

Rumors of the Watergate’s impending sale are gaining currency with the announcement that CB Richard Ellis has been brought on to market the hotel on behalf of PB Capital. CBRE’s Marc Magazine–whose father served as the general contractor who built the hotel in the 1960s–Spencer Levy, John Isaacs, Lewis C. Miller and Doug Henkel are the brokers for the transaction.

CBRE plans to roll out a “targeted” marketing campaign for the property within the next four weeks. Its strategy is to emphasize the Wategate’s iconic name and luxury orientation, as well as a scarcity of hotel product in the District. As for Holland and any other ongoing negotiations, Magazine declined to comment other than to say there are potential purchasers negotiating to pre-empt the planned marketing campaign and try to get a contract signed beforehand.

“The property is worth at least the value of PB loans,” he tells GlobeSt.com, declining to discuss more specific pricing expectations due to client confidentiality. The Watergate will require substantial renovations, the amount depending on whether the new owner wants to deliver a four-star or five-star hotel, he adds.

Jumeirah recently signed an agreement to enter the German market for the first time, by locating a five-star, 219-room luxury hotel in Frankfurt’s new PalaisQuartier leisure and retail development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.