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