I have some fond memories of the old Watergate Hotel, notably the second most romantic dinner of my entire life at Jean-Louis’ Restaurant. So a few years ago when this Washington landmark was about to become condominiums, I did sort of think about what it might be like to live there.
But the condos never happened. They had the location, location, and location thing down. It was the timing, timing and timing issue that gave the developers fits.
The Watergate Hotel was a favorite of world-renowned musicians coming to perform at Kennedy Center and lobbyists coming to perform before Congress. If you were a diplomat with business at the State Department, it was a convenient place to stay. By the time the hotel closed, it had gotten a little bit thin at the elbows. But in it’s heyday, it had a bunch of stars from some of the world's most serious guide books
While several bidders had signed up for the auction, nobody showed them the money.
The Watergate is not exactly a Grande Dame in need of a face lift. She’s not quite old enough to be a Grande Dame. But I do hope somebody somewhere buys this middle-aged lady and treats her well!
What? No Takers For The Watergate Hotel?
13 comments • Patricia Kennedy • July 25 2009 05:56PMComments
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Amazing what sells and doesn't sell in this market today, hang in there!
Hi Pat
The Watergate has a great location and will at the right price.
Good luck and success.
Lou Ludwig
Pat,
I can only imagine what the lady will sell for and then my mind gets real fuzzy when it comes to the condo prices.
It might be a struggle because it needs so much renovation. It will be interesting to watch what it eventually goes for.
I think it will sell to the private investor group from the UK. They indicated before the auction they wanted it but not through the auction. Want to pool our money and pick it up?
With the market picking up you should see some investors with a plan show up and give it new life.
Hi Pat... this makes me kind of sad. I have my own set of Watergate memories from my time in DC during the mid-80's... it was a fabulous place, and while, perhaps, not a Grande Dame, this property surely have a place in U.S. and my personal history. I would love to see it opened again, it could clearly be a flagship for any hotel operator!
Pat, rather a bit of sadness interwoven with nostalgia. I hope someone with vision comes in and restores lady!
I'm afraid in this time people are really holding their money and I think we are going to see a lot of hotels like this one sit for a few more years before something happens with them. We have a few here as well that are in the same situation and are just slowing dying if someone doesn't snatch them up soon.
Pat: Is that what lobbyist do? Perform? Wouldn't be my first choice of words for any lobbying group, but it does conjure some images.
PAt - Sure seems like there is great potential.
Patricia,
You just made a leap into the real Estate keystones. Location is as important as the timing. They are both important.
All these years later I can still not hear the name Watergate without thinking big time scandal. It will probably always be that way.