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. The seller was German bank PB Capital. The bank had seized the property last year after former owner Monument Realty, which had intended to convert the hotel to condominiums, defaulted on its $40 million loan.

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