Federal Government Greenlights $375 Million Sale of DC-Based Trump Hotel to Miami Investment Group

© AP Photo / Alex BrandonTrump International Hotel in Washington
Trump International Hotel in Washington - Sputnik International, 1920, 26.03.2022
Since 2016, the redeveloped Old Post Office and Clock Tower in northwest Washington, DC, has been home to Trump International Hotel, a hotel that served as a hotspot for then-US President Trump's campaign-related events. News of the lease changing hands was reported after "new and troubling questions" were raised about the Trump Organization.
The General Services Administration (GSA) on Friday announced the approval of former US President Donald Trump’s DC-based hotel to CGI Merchant Group, an investment firm based in Miami, Florida.
Per the GSA, “the confirmation was based on an extensive and exhaustive due diligence review of the documentation provided in support of the proposed assignment.” Reviews were conducted both internally and by a third party.
Under the decision, CGI and Hilton Worldwide Holdings, Inc., will be collaborating to convert the property into a Waldorf Astoria luxury hotel.
Hotel Waldorf-Astoria Corporation - a Hilton Worldwide subsidiary - will be tasked with managing the property.
The parties have committed to the execution of a long-term property management agreement and providing significant equity, as well as material credit support to assist with securing debt financing.
News of the sale was first reported in November 2021, about 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 Trump International Hotel is seen on June 02, 2021 in Washington, DC. The Trump Organization is attempting to sell the lease to the hotel after failing to in 2019 before the pandemic hit.  - Sputnik International, 1920, 14.11.2021
Trump Organization Reportedly Reaches $375 Million Deal to Sell Rights to DC Hotel
The sale reportedly went through for $375 million, which more than makes up for the $200 million poured into renovating the historic property.
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