Trump Sells DC Hotel For $375 Million
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CGI Merchant Group, a Miami-based investment firm, is acquiring Trump hotel in DC.
The deal is for $375 million.
They plan on removing Trump’s name from the building.
It was known as the crown jewel of the Trump family’s portfolio according to the report.
JUST IN 🚨 Donald Trump’s family hotel company has reached an agreement to sell the rights to its glittering Washington, D.C., hotel for $375 million – WSJ
— Insider Paper (@TheInsiderPaper) November 14, 2021
Donald Trump’s family hotel company has reached an agreement to sell the rights to its glittering Washington, D.C., hotel for $375 million, according to people familiar with the matter.
CGI Merchant Group, a Miami-based investment firm, is in contract to acquire the hotel lease for the Trump International Hotel, which is located a short walk down Pennsylvania Avenue from the White House. CGI intends to remove the Trump name, and it has reached a deal with Hilton Worldwide Holdings Inc. to have the property branded and managed by Hilton’s Waldorf Astoria group, these people said.
The hotel is owned by the federal government, but with extensions the lease runs close to 100 years. It is housed in the former Old Post Office and it features some of the largest guest rooms in the capital.
Of course, Dems have a witchhunt investigation into it currently:
The House Committee on Oversight and Reform is taking a look at the terms of the lease between the Trump Organization and the federal government for the use of the property. Even though the deal predates Trump’s arrival as president, the committee is probing whether there were conflicts of interest regarding the hotel while Trump was in office.
However, it is unclear if the sale of the hotel will affect the proceedings of the committee’s investigation. The committee noted that between 2016 and last year, the hotel lost more than $70 million, which led to a cash infusion toward the hotel of $24 million. But the Trumps have disputed those claims.
