Silence at the Watergate
Earlier this month the infamous, and foreclosed upon, Watergate Hotel failed to attract any bids when it was put on the auction block. Commercial Real Estate is just not what it used to be. The room that the auction was held in was crowded with international media and spectators, and only 10 registered bidders. With no bids, the hotel was sold back to the bank for $25 million. Many people are wondering what will happen to this hotel, which has been vacant since 2007. This may be an intriguing property, but now is not the time to invest into intrigue in commercial real estate. It is time to invest into what has sure promise. The Watergate Hotel is something that you just want to see for its role in political scandal. It’s not really a property with substantial historical value, which is the angle they were taking in order to attract investors. Monument Realty, the former owners of the hotel, still have hopes for great renovation in order to bring the luxury and appeal back. But with no buzz, and literal silence about the property, the future of this infamous hotel is unknown.