The famed Watergate Hotel in Washington D.C. is under contract to be sold by PB Capital, a unit of the German Deutsche Postbank AG, to a venture led by Holland Development Group for a price that is expected to be in the $40m range, according to people familiar with the transaction.
The 251-room hotel has been closed for several years. It is part of the larger Watergate complex, which includes offices, retail space and residential units. The complex was made famous by the burglary into the Democratic National Committee headquarters located in the complex's office space. The break-in led to the resignation of President Richard Nixon in 1974.
Wall Street Journal