The 251-room Euro Watergate Hotel in Washington DC, US, will undergo extensive renovation as part of a plan to resuscitate the neglected building.
The 12-storey hotel will be restored as a trophy hotel with plans for the upper floors to be converted into luxury apartments.
The hotel’s spa, ample meeting space, restaurants and bars will be renovated along with surrounding public spaces at a cost of $50m.
No contractor has been chosen for the hotel yet, according to washingtonpost.com.
The hotel was acquired by European real estate group Euro Capital Properties for $45m.
The sale comes 11 months after former owner Monument Realty defaulted on a $40m loan, forcing the bank to sell the property last year.