Last month, the Watergate Hotel—yes, the Watergate Hotel that served as the backdrop for one of the country’s most notorious political scandals—reopened following an extensive $200-million renovation. Designed in 1961 by the Italian architect Luigi Moretti, the hotel had fallen into disrepair before New York real estate developers Rakel and Jacques Cohen of Euro Capital Properties swooped in to save the Modernist icon in 2010.