The Wall Street Journal reports that the Watergate Hotel is being renovated by Euro Capital Properties, Inc., who recently paid $45M for the property. The hotel has been empty since 2007 and had been through a foreclosure proceeding after Monument Realty defaulted and failed to follow through on plans for a condo conversion. The hotel is expected to be open for business after a two-year renovation.
The existing residential condo portion of the Watergate complex consists of 600 units located in four buildings: 2500, 2510 + 2700 Virginia Ave, NW and 700 New Hampshire Ave, NW. Over the last 12 months, 17 condos have sold at the Watergate complex ranging in price from $285,000 to $2.8M. Without a doubt, the Watergate sets the record in the District for