Watergate Hotel may be sold

A famous piece of real estate near campus is set to be sold, according to a report earlier this month by the Wall Street Journal.

The Watergate Hotel, part of the well-known Watergate complex where a break-in at the Democratic National Committee headquarters led to President Richard Nixon’s resignation in 1974, is under contract to be sold by PB Capital to Holland Development Group, the Journal reports.

The hotel, closed since 2007, was bought by an affiliate of Monument Realty and an affiliate of Lehman Brothers Holdings Inc. for $45 million in 2004. This year the Monument affiliate defaulted on a mortgage loan from PB Capital, and in July a foreclosure auction resulted in PB Capital, a German-owned bank, buying back the property for $25 million.

PB Capital could not be reached for comment.

The Washington Post is casting doubt, however, that the deal is complete with Holland Development Group, reporting this week that PB Capital hired real estate brokerage firm CB Richard Ellis to market the Watergate Hotel. Marc Magazine of CB Ellis told the Post that PB Capital is in negotiations with Robert Holland of Holland Development Group, but said the bank is interested in other potential buyers too.

GW’s connections to Watergate are numerous—even the anonymous source used by Washington Post journalists Bob Woodward and Carl Bernstein to cover the scandal, Deep Throat, was really W. Mark Felt, an alumnus of GW Law School. HOVA residence hall, across the street from the Watergate, is now a graduate residence hall, but it was once the hotel where Watergate conspirators kept watch on the break-in back in 1972.

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