Pension funds for British miners now hold half-ownership in the Watergate complex, which includes a hotel, adjacent office building, shopping malls and the underneath the 10-acre site in Foggy Bottom.
Pension funds of Britain's National Coal Board staff and mine workers own Pan American Properties, which now is his partner in the $60 million-plus" property, according to Nicholas M. Salgo, a Hungarian investor who was part of the original Watergate development group.
Salgo said Pan American Properties paid more than $130 million for all the holdings of Continental Illinois Properties, a company based in Los Angeles, including the 50 percent share in the Watergate. .t"Operationally there is no change here," Salgo said. "My family continues to have half interest in Watergate Improvements Associates." He said he owns all of Watergate Management Inc., which operates the properties.
Salgo said a $3 million improvement project is under way at the 260-room hotel. The lobby and suites are being refurbished, and a 42-seat luxury restaurant is set for basement space.
Hotel rates range from $69 to $600 a day for a suite with three bedrooms, two living rooms, a kitchen, dining room and four baths.
The Watergate 2600 office building on Virginia Avenue is fully leased, he said. It has 300,000 square feet of space. That's where the "plumbers" break-in at Democratic Party national headquarters occurred. The Democrats later moved.
The property was developed in the 1960s by Salgo and the Italian investor group known as Societe Generale Immobilaire.