Watergate Hotel gets no bids at auction
The Watergate Hotel, which became a household name in the 1970s scandal that brought down U.S. President Richard Nixon and was to be sold at auction in Washington D.C. Tuesday, failed to attract any bids.
It was taken back by PB Capital Corp, the lender that holds the $44.3-million US note on it.
Bids opened at $27.7 million, but there were no takers, said Paul Cooper, vice-president of the auction house, Alex Cooper Auctioneers. Ten bidders, which included hotel chains and developers in the U.S. as well as overseas, had registered for the auction and provided a $1.1-million deposit, he added.
The hotel, part of an office and residential complex gained international notoriety from a 1972 burglary that led to Nixon's resignation.
The hotel's owner Monument Realty received a foreclosure notice last month after the company defaulted on its loan.