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May 27, 2010

Watergate Hotel Sold for $45 Million

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…

 
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