Famous hotel under the hammer

THE Watergate Hotel, which was made famous by a political scandal involving President Richard Nixon, is expected to be on the auction block next week.

THE Watergate Hotel, which was made famous by a political scandal involving President Richard Nixon, is expected to be on the auction block next week.

Alex Cooper Auctioneers announced that it will take bids on Tuesday on the Washington landmark, according to The Washington Post newspaper.

A 30-day foreclosure notice expired yesterday. It was sent to hotel owner Monument Realty last month after the company defaulted on its loan and lists an outstanding R327million balance.

The Watergate complex was made famous by the 1972 burglary that led to Nixon's resignation. Monument officials said two weeks ago that they hoped the lender could agree to new terms, but a company spokesperson declined to comment on Wednesday.

Alex Cooper's website does not name the Watergate but describes a 12-story hotel at the Watergate's address. - Sapa-AP

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