Tuesday, August 18, 2009

Watergate Hotel attracts 6 potential buyers

(WASHINGTON) The lender holding the US$40 million note on the closed Watergate Hotel says that at least six potential buyers are interested in acquiring the landmark property.

PB Capital took back the property after no one entered a bid during an auction last month. Bidding opened at US$25 million, The Washington Post reported. Kurt Sachs, senior managing director at PB Capital, says that the interested parties are hotel chains. He says that their executives are touring the Watergate to determine how much it would cost to renovate.

Mr Sachs says that the first person to present a cheque will get the hotel. The Watergate is part of a complex of six buildings made famous by the 1972 burglary that led to former president Richard Nixon's resignation. -- AP

Source: Business Times, 18 Aug 2009

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