It’s been just under a year since PB Capital Corp. picked up the aging Watergate Hotel at foreclosure auction for $25 million, and now it looks like that price was indeed right. This week, PB Capital finalized the sale of the 251-room property to New York-based Euro Capital Properties Inc. for a cool $45 million, Melissa Castro reports in the Washington Business Journal.

The new owner’s previous hotel experience in the area includes the renovation of the Hamilton Crowne Plaza at 14th and K NW. Euro Capital principal Jacques Cohen told Castro that when it reopens, a stay at the Watergate will rival Washington’s most luxurious hotels.

Euro Capital, which has previously developed a Hilton at the Arc de Triomphe in Paris, has big plans for the Watergate property, possibly including two or three floors of residential units, Cohen said. “It will be a very high, upper-upscale hotel,” he said.