Foreclosure Looms at Watergate Hotel

It's been five years since Watergate Hotel shuttered its doors and it's about to get worse for the physical icon that brought down a powerful president.

Owners of the 251 room complex defaulted on a $70 million loan that came due last week. Monument Realty purchased the historic landmark five years ago and, from the outset, was entangled with legal issues by her neighbors when the corporation announced planes to remake the hotel into luxury co-ops. According to Real Capital Analytics, a New York firm that follows commercial realty issues, it is uncertain whether Monument can avoid foreclosure The six building complex became one of the most recognized names in architectural history when a June 17, 1972 burglary of the National Democratic Party Headquarters led to the resignation of President Richard M. Nixon.