Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

8 of 8
The Watergate Hotel
This hotel is a part of the Potomac-side complex that has lent part of its name to nearly every political scandal since the White House Plumbers botched a simple burglary back in 1972.

The Watergate Hotel has not accepted guests for about five years,. during which time numerous redevelopment plans surfaced. But a remake was handicapped by legal clashes over an earlier plan to convert the property to luxury co-ops and then by the collapse of one of the partners -- Lehman Brothers.

It was scheduled to reopen later this year after a full-scale renovation, but its owners defaulted on a $70 million debt. As a result, the Watergate went on the auction block on July 21. It reverted back to the lender, P.B. Capital, when no other bids were offered. One of the old partners, Monument Realty, is still attempting to work out a new redevelopment plan for the property.

More galleries
Last updated July 27 2009: 10:19 AM ET
Email | Print | Share  |  RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Ralph Lauren's many looks A look at his brands and iconic creations More
8 biggest job killing companies of 2015 Whole Foods became the latest corporate giant to lay off workers. Here's a look at the companies that have announced the most jobs cuts this year. More
America's best beer towns Here are the best cities to crack open a cold one and celebrate Oktoberfest, according to Trulia. More

Special Offer