The Watergate Hotel, the hotel in Washington D.C. linked to the scandal that brought down President Richard Nixon, failed to attract any bids at an auction today.
The auction at the Wisconsin Avenue NW offices of Alex Cooper Auctioneers drew more than 150 spectators, international media crews and residents of the complex that includes the 42-year-old hotel, which needs an estimated $100 million in renovations. The Watergate Hotel attracted about 10 qualified bidders, but none, apparently, who were willing to pay $25 million.
This doesn't spell the end of the famous hotel. CNN reports that
PB Capital, which holds a $40 million note on the hotel, is now likely to seek a private sale for the property.
