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 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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