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The Watergate Hotel company history timeline

1967

Prices for the 238 cooperative apartment units ranged from $17,000 for efficiencies to more than $250,000 for penthouses, and were almost completely sold out by April 1967.

Construction on the fourth building in the complex, Watergate West, began in July 1967.

In November 1967, the USCFA reaffirmed its approval of the Watergate project.

1968

The third building (Watergate South) opened in June 1968 and the fourth building topped out on August 16, 1968.

Other parts of Washington, many of which were destroyed in the 1968 riots, were being built up.

1969

January 1969 Richard Nixon is inaugurated as the 37 President of the United States.

1970

By 1970, problems at the complex led the press to dub it the "Potomac Titanic.". A lawsuit, filed in February 1970, sought exclusive access to the underground parking garage Watergate East claimed as its own, and demanded that the developer stop selling spaces in the residents' parking area.

In 1970 the White House set up an illegal money-laundering operation to fund its favoured Senate candidates.

1971

Watergate Office Building - 600 New Hampshire Avenue, NW (signed first lease in 1971).

1972

In 1972, Les Champs opened.

1973

That contention was thrown melodramatically into doubt by Dean on June 25, 1973, in a nearly seven-hour statement to the Ervin committee, watched by a huge portion of the American television audience, followed by five days of intense cross-examination.

By 1973, the year before Nixon resigned, the hotel and office building had become such tourist attractions that a travel writer for The New York Times observed, not entirely seriously, that the Watergate might have been approaching the Lincoln Memorial for annual visitors.

1974

Early in 1974, the cover-up and efforts to impede the Watergate investigation began to unravel.

1977

In 1977, one of the Watergate's financiers (Nicholas Salgo) and Continental Illinois Properties bought SGI's stake in the development for $49 million.

As a result, all portions of the network that were not yet started were completely cancelled in 1977.

1979

And in 1979, Watergate scored a different kind of coup: bringing acclaimed French chef Jean-Louis Palladin not just to the United States, but to D.C., then a culinary backwater, to open a restaurant at the hotel.

1981

By the time Ronald Reagan took office, swank replaced scandal at the complex, which became “the unofficial headquarters for Republican partying,” the Washington Post wrote in 1981.

1986

Two years later, Continental Illinois sold its interest to the National Coal Board Pension Fund in the U.K. Salgo did the same in 1986.

1989

The coal board pension fund put the Watergate complex up for sale in 1989, and estimated the complex's worth at between $70 million and $100 million.

1990

Several buildings were sold in the 1990's.

1991

The property was valued at $278 million in 1991.

1994

The building underwent a renovation of its office spaces in 1994.

2000

Watergate East tenant' cooperative refinanced its mortgage some time after 2000, and bought the land beneath its building.

2004

In 2004, the hotel was purchased by a company planning to turn it into luxury co-ops.

2005

The office building was sold in 2005 by Trizec Properties to Bentley Forbes, a Los Angeles-based real estate investment firm for $500,000.

Their reporting won them a Pulitzer Prize and was the basis for their best-selling book “All the President’s Men.” Much of their information came from an anonymous whistleblower they called Deep Throat, who in 2005 was revealed to be W. Mark Felt, a former associate director of the FBI.

2009

BentleyForbes put the office tower up for sale on March 12, 2009.

2010

After their development firm, Euro Capital Properties, bought the property for $45 million in 2010, they brought on Ron Arad, an Israeli designer, to rework the space and bring the hotel back in line with Mr.

2015

Knight helped compile a remembrance for the 50th anniversary of the complex in 2015.

2016

Until, that is, its $200million reinvention in 2016 brought back the glamour alongside a healthy sense of irony about its place in political history.

2018

She purchased her 14th-floor Watergate East apartment before the building opened and died in her penthouse at age 94 at the end of March 2018.

2022

Veteran WBAL-TV investigative reporter Jayne Miller to retire Jeffrey Davis July 6, 2022

Rubell Museum DC set to open in October 2022 Capitol Communicator May 12, 2022

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The Watergate Hotel competitors

Company nameFounded dateRevenueEmployee sizeJob openings
Mayfair Hotel And Spa-$2.4M30-
The Florida Hotel and Conference Center2004$540,00082
Sycamore Mineral Springs Resort-$2.9M503
Newport Hotel Group1993$13.4M25-
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Marco Beach Ocean Resort-$4.2M53-
The Benjamin Hotel-$600,0007-
Handlery Hotels-$930,00017-
Cooper Hotels-$1.2M5010
Parker Palm Springs2003$4.9M5011

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