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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (250587)	5/28/2010 4:15:39 PM
From: joseffy	Read Replies (1) \| Respond to of 306849

European group buys foreclosed Watergate hotel May 28 2010 breitbart.com The Watergate hotel, which rose to fame after the botched 1972 burglary that led to the resignation of president Richard Nixon, has been acquired by a European group for 45 million dollars. Euro Capital Properties plans to restore the Watergate and its 251 rooms, which fell into disrepair in 2007 before going into foreclosure two years later. Euro Watergate Hotel, a holding company of the group, closed the cash deal on Wednesday. "We will reconfigure the hotel into a very upscale establishment in an iconic location," Euro Capital principal Jacques Cohen told AFP Friday. His group, which has a stake in the prestigious Hilton Arc de Triomphe hotel in Paris, has invested in restoring several other Washington hotels. The Watergate's semi-circle structure overlooking the Potomac River will undergo renovations for two years before its anticipated dramatic rebirth.