The future of the Watergate Hotel, part of a complex made infamous by a political scandal in 1972 that led to the downfall of President Richard Nixon, has become uncertain after it failed to attract any buyer at auction.
The 12-story hotel has been taken back by the bank, PB Capital Corp., which holds $40 million note on it.
The bidding opened at $25 million, but it could not attract any higher offers. However, 10 bidders had registered for the auction.
Probe into the 1972 burglary in the Watergate complex had revealed Nixon's hand in covering up the burglary and compelled him to step down.
Hotel's owner, Monument Realty LLC had purchased it in 2004. But company's failure to repay a $40 million loan to PB Capital Corp. led to hotel's foreclosure.