Watergate Hotel foreclosure auction in Washington DC set for today
The Watergate Hotel in Washington, D.C., will hit the auction block this morning after its owners, Monument Realty, defaulted on its loan, listing an outstanding $40 million balance, according to an Associated Press report. Located at 2650 Virginia Avenue NW, the 250-room building, which also features 146 suites, is located in the same complex where perhaps [...]
The Watergate Hotel in Washington, D.C., will hit the auction block this morning after its owners, Monument Realty, defaulted on its loan, listing an outstanding $40 million balance, according to an Associated Press report.
Located at 2650 Virginia Avenue NW, the 250-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.
In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up
Nixon resigned two years later in 1974 to avoid impeachment.
Alex Cooper Auctioneers is scheduled to auction The Watergate Hotel, beginning at 10:15 a.m. today (Tuesday, July 21, 2009). The report indicates that a minimum $1 million deposit will be required at the time of sale.
We’ll pass along additional news of the auction as soon as possible.
