Updated Forecast: In Excess of 8" of Snow, Plus Wind
And Now, 10-20 Inches
Federal Govt. Closed Tuesday
Snowmaggedon 1.0 in Time Lapse
So says ABC 7. After an auction for the hotel failed to turn up any bidders, this might be viewed as good news by the hotel's owners, PB Capital. Of course, the auction that failed to turn up any bids began at $25 million, well shy of the Watergate's $40 million note, which ought to be considered bad news by the hotel's owners. Surely all these buyers are interested because the hotel has effectively been priced as worth less than $25 million. One executive at PB Capital says "the first person to present a check will get the hotel." I have much less than $25 million that I'd be willing to pay if we're really talking about a fire sale here.
Photo by Ed Hoover
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Hey, maybe DCist can form an equity group to buy the watergate for less then 25 million dollars.
Count me in as an investor for that group. $2, so long as we rename it "The Molly"
Hey, how about, instead of the city blowing half-a-billion dollars on a new Convention Center hotel, they just buy the Watergate for $25 mil, dismantle it, and move it to Shaw? That way, conventioneers get a historic hotel in which to bang their tranny hookers, the city isn't in debt for decades, and you're recycling, which is good for the environment. The money saved would easily pay for the oiled midget wresting grotto in the basement as well as a subsidized boutique wine bar where those of limited income can enjoy a glass of Mouton-Rothschild Paulliac 1934 from a rare circa 1978 Marvel Comics Comemorative Slurpee cup.