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Tuesday, November 30, 2021

Former US President Donald Trump sells Washington hotel for $ 375 million

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The hotel company of former US President Donald Trump has reached an agreement to sell a hotel in Washington for $ 375 million, the Wall Street Journal reported, citing people involved in the case, Reuters reported.

The Miami-based investment firm CGI Merchant Group has signed a contract to take over the lease, the newspaper reported.


Trump Hotel in Washington

The Trump International Hotel is housed in a historic building a few blocks from the White House, which the Trump Organization leases from the US government. The hotel was a popular meeting place for Trump supporters and foreign dignitaries.

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The newspaper said CGI intends to remove the Trump name and has reached an agreement with Hilton Worldwide Holdings to manage and label the property by the Waldorf Astoria group, which is owned by Hilton.

Trump’s organization, CGI Merchant and Hilton did not respond on Sunday to requests from Reuters for comment.

Commission about the hotel

Last month, the US House of Representatives Oversight and Reform Commission said the newly obtained government documents raised “worrying” questions about the hotel, Reuters reported.

According to the Democrat-controlled commission, Trump reported that the hotel earned more than $ 150 million for him during his tenure in office, although in reality it was supposed to record losses of more than $ 70 million, the agency said.

She added that the committee found that the hotel had received more than $ 3.7 million in payments from foreign governments – equivalent to more than 7,400 hotel nights and could lead to a potential conflict of interest.

The hotel is located in the city’s second-largest building after the Washington Monument. The building previously housed the headquarters of the United States Postal Department.

Main photo source: Shutterstock

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