Property Grunt

Tuesday, July 21, 2009

Even history isn't moving in this market.

No Bidders for Watergate Hotel

WASHINGTON (AP) -- The Watergate Hotel, part of the complex made famous by a presidential scandal, has failed to attract any bids at auction and has been taken back by the lender that holds the $40 million note on it.

PB Capital Corp. took back the property Tuesday after bidding opened at $25 million and there were no takers. The 30-day foreclosure notice, sent to hotel owner Monument Realty, expired Thursday.

Paul Cooper, vice president of the auction house, Alex Cooper Auctioneers, said about 10 bidders had registered for the auction and each gave a $1 million deposit.

The Watergate complex was made famous by the 1972 burglary that led to President Richard Nixon's resignation.

Another indicator of how bad this market is.