Dive Brief:
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Washington’s landmark Watergate Hotel, where President Richard Nixon’s fall from power began in 1972, is scheduled to reopen this summer after an eight-year, $125 million renovation.
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Closed since 2007, the curvy, 343-room hotel will feature 100 new rooms that reportedly will cost $450 and up per night, plus ballrooms, a spa, and a rooftop lounge.
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Post-scandal, the hotel had fallen into disrepair and was sold to a developer who intended to convert it to condos. But during the housing crash, the developer faced foreclosure and the building was sold for $45 million to Euro Capital Properties of New York, whose owners told The Washington Business Journal they have no plans to sell it.
Dive Insight:
The hotel’s look will change, but its name will always be synonymous with the scandal surrounding the June 17, 1972, break-in at the hotel’s Democratic National Committee headquarters, an incident that eventually led Nixon to resign.
Jacques Cohen, principal at Euro Capital Properties, said of the hotel: "I think it's going to take back its place as one of the best iconic properties. It's going to come back as a true power spot in Washington."
