Trump’s Washington hotel to be sold, renamed Waldorf Astoria

[ad_1]

WASHINGTON – The Donald Trump family -run company has agreed to sell the rights to its Washington, DC, hotel for $ 375 million, after which it will cover the property as the Waldorf Astoria, according to people familiar with the matter.

A Miami-based investment company, CGI Merchant Group, is in contract to acquire hotel lease for the Trump International Hotel, located less than a mile away from the White House on Pennsylvania Avenue, the person, who refused to identify because the matter was private. The transaction is expected to be completed in the first quarter, he said.

The buyer plans to remove Trump’s name and deals with Hilton Worldwide Holdings Inc. to convert the property into a Hilton-operated Waldorf Astoria. The Wall Street Journal reported the deal last Sunday.

Trump acquired the rights to build the hotel, located in Washington’s Old Post Office building on Pennsylvania Avenue, in 2012, leasing the building from the federal government. The hotel has become an important asset for the Trump Organization, and Trump rejected calls to sell the hotel when he was elected president.

Trump’s company has been engaged in off-and-on efforts to sell the hotel since 2019, when it floated a asking price of more than $ 500 million, Bloomberg News previously reported.

The hotel has become a source of constant controversy, with critics arguing with foreign governments and other interest groups that could gain favor by booking rooms in a property that is being rented. owned by the company of the former president.

According to documents released by the House Committee on Oversight and Reform, the hotel received approximately $ 3.75 million in payments from foreign governments, but still lost more than $ 70 million during Trump’s time in the White House. The Trump Organization disputes the report.

[ad_2]