DC's Watergate Hotel Goes on the Auction Block

A quick update on the future of DC's Watergate Hotel: The Washington Post is reporting that the property will be auctioned off Tuesday by Alex Cooper Auctioneers.

As I blogged previously, hotel owner Monument Realty defaulted on multimillion-dollar loan on the property in early July. Despite hopes to do so, it looks like plans to work out a deal with New York-based lender PB Capital did not come through. With the city's 30-day notice of foreclosure expiring today, the Watergate will be the first commercial property in the area to go up for auction in recent months, according to the Post.

The winning bidder of the infamous hotel will be required to put down $1 million.
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