https://sputnikglobe.com/20211114/trump-organization-reportedly-reaches-375-million-deal-to-sell-rights-to-dc-hotel-1090733825.html
Trump Organization Reportedly Reaches $375 Million Deal to Sell Rights to DC Hotel
Trump Organization Reportedly Reaches $375 Million Deal to Sell Rights to DC Hotel
Sputnik International
Back in 2012, the Trump Organization and a private equity firm were selected by the General Services Administration (GSA) to redevelop the Old Post Office and... 14.11.2021, Sputnik International
2021-11-14T23:12+0000
2021-11-14T23:12+0000
2022-08-06T13:26+0000
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CGI Merchant Group - an investment firm based in Miami, Florida - is set to acquire the rights to the Trump International Hotel for an estimated $375 million, the Wall Street Journal reported on Sunday. Citing individuals familiar with the matter, the report detailed that CGI Merchant Group also secured a deal with Hilton Worldwide Holdings, Inc. to rebrand the DC hotel and remove the former US president's family name from the property. The Hotel Waldorf-Astoria Corporation - a Hilton Worldwide Holdings subsidiary - will reportedly be tasked with managing the property. The $375 million deal is expected to close in the first quarter of 2022. News of the sale comes a month after the US House Committee on Oversight and Reform claimed that newly-obtained GSA documents raised "new and troubling questions" about the Trump Organization's lease. The committee claimed in an October issuance to the GSA that then-President Trump reported that he earned more than $150 million in revenue during his White House tenure, but GSA records showed that the Trump International Hotel incurred net losses of more than $70 million during that period.Additionally, records showed that Trump's DJT Holdings LLC loaned the DC-based hotel $27,805,069 between 2017 to 2020. However, only a portion was repaid, causing more than $24 million of that to be converted to capital contributions. "Taken together, these documents show that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump’s other businesses," the Democratic-led group said.
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Trump Organization Reportedly Reaches $375 Million Deal to Sell Rights to DC Hotel
23:12 GMT 14.11.2021 (Updated: 13:26 GMT 06.08.2022) Back in 2012, the Trump Organization and a private equity firm were selected by the General Services Administration (GSA) to redevelop the Old Post Office and Clock Tower in northwest Washington, DC. The property, home to the Trump International Hotel since 2016, served as a hotspot for then-US President Donald Trump's campaign-related events.
CGI Merchant Group - an investment firm based in Miami, Florida - is set to acquire the rights to the
Trump International Hotel for an estimated
$375 million, the
Wall Street Journal reported on Sunday.
Citing individuals familiar with the matter, the report detailed that CGI Merchant Group also secured a deal with Hilton Worldwide Holdings, Inc. to rebrand the DC hotel and remove the former US president's family name from the property.
The Hotel Waldorf-Astoria Corporation - a Hilton Worldwide Holdings subsidiary - will reportedly be tasked with managing the property.
The $375 million deal is expected to close in the first quarter of 2022.
News of the sale comes a month after the
US House Committee on Oversight and Reform claimed that newly-obtained GSA documents raised "new and troubling questions" about the Trump Organization's lease.
The committee claimed in an
October issuance to the GSA that then-President Trump reported that he earned more than $150 million in revenue during his White House tenure, but GSA records showed that the Trump International Hotel incurred net losses of more than $70 million during that period.
Additionally, records showed that Trump's DJT Holdings LLC loaned the DC-based hotel $27,805,069 between 2017 to 2020. However, only a portion was repaid, causing more than $24 million of that to be converted to capital contributions.
"Taken together, these documents show that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump’s other businesses," the Democratic-led group said.
