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In July, reporters and camera men from news outlets all over the world piled into a Friendship Heights office to witness the auction of the foreclosed Watergate Hotel.
Too bad, no one really bid.
One offer was tossed out: $25 million from the original lender for the purchase of the hotel, PB Capital. A lot of hoopla for ‘nothin.
But now, less than three months later, it looks like PB Capital has done what it set out to do: find someone willing to pony up serious cash.
(See shots into the Watergate Hotel building here.)
The Wall Street Journal is reporting that the hotel is under contract to “a venture led by Holland Development Group for a price that is expected to be in the $40 million range.”
The hotel—-hell, much of the complex—-is in drab shape right now, and experts believe $100 million will be required to reopen it to guests, according to the Washington Post.
The Holland Development Group, according to its website, has properties around the city and the Washington metro region, including an area near the hotel called the “Barnhard Trust site,” which it describes as the “last piece of developable ground between the Watergate and Georgetown Key Bridge, with access Rock Creek Park and park views.”