Renovate-Gate: Europeans To Revive Storied Watergate Hotel | wsj.com

Vacant since 2007, the fabled Watergate Hotel in Washington, D.C., has started a new chapter in its history as redevelopment specialist Euro Capital Properties Inc. bought the 251-room hotel this week from the bank that had foreclosed on it last year. Euro Capital Properties, backed by a group of unnamed European investors, paid $45 million for the 43-year-old hotel in a deal that closed Wednesday, principal Jacques Cohen confirmed.