Watergate Hotel Trades for $45M

WASHINGTON, DC-Euro Capital Partners is the new owner of the landmark hotel.

By Erika Morphy | Updated on May 27, 2010

WASHINGTON, DC-The Watergate Hotel has finally found a new owner close to a year after it was taken back by the lender. New York-based Euro Capital Properties has acquired the closed 251-key landmark property for $45 million, according to the Washington Business Journal. The sale closed Wednesday, the paper reported.

Last summer, PB Capital Corp., which held the $44.3-million loan, took the hotel back when there were no bidders for the property. Monument Realty, which acquired the hotel in 2004, had defaulted on the note.

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