Trump 'to Close Deal on Selling His Hotel in Washington'
© AP Photo / Alex BrandonTrump International Hotel in Washington
© AP Photo / Alex Brandon
WASHINGTON (Sputnik) - Former US President Donald Trump is about to close a $370 million deal with Miami-based CGI Merchant Group (CGI) to sell his hotel in downtown Washington, the Wall Street Journal reported on Tuesday citing people familiar with the matter.
The investment firm seeks to acquire a lease for the Trump International Hotel located in the former Old Post Office building just four blocks from the White House. There is a chance the deal will amount to $400 million, double the amount the Trump Organization spent to convert the historical landmark into a luxury hotel, the report said.
The current lease with all extensions will run for nearly 100 years and the CGI Merchant Group is planning to remove the Trump name in favor of a future hotel manager, the report said.
The CGI Merchant Group was among about a dozen of companies that expressed interest in the property, including pension funds, foreign government funds and wealthy individuals, the report said.
4 September 2021, 17:30 GMT
Company CEO Raoul Thomas has donated $72,000 to President Joe Biden’s campaign and the Democratic Party during the 2020 election, the report added.
On Friday, the US House of Representatives Oversight Committee said that Trump provided misleading information about the financial situation of his hotel in Washington. The Committee said the hotel received $3.7 million in payments from foreign governments in violation of the US Constitution.