Scandal-stricken DC Trump hotel sort of finds buyer – who plans to drop name, report says
The family business of former President Donald Trump will soon hand over the keys to his beloved hotel in Washington, DC for the modest sum of $ 375 million, The Wall Street Journal reported Sunday. The newspaper said a Miami-based investment firm CGI Merchant Group was set to acquire the lease of the Trump International Hotel, a location notorious for alleged conflicts of interest while its namesake was president. Sources close to the deal said the company intends to remove the Trump name from the building, which will instead be branded and managed by Hilton’s Waldorf Astoria group.
When family-owned company Trump bought the hotel in 2012, it pledged to spend $ 200 million to renovate the building, originally a 19th-century post office. The hotel, a hotspot for Republican gamers and Trump cronies of all shapes and sizes after Trump became president, has generated around $ 150 million in revenue over its short lifespan, some of the disclosures show Trump financials. But the House Committee on Oversight and Reform also found that the hotel had lost money over its four years of existence, losing more than $ 70 million between its opening in 2016 and 2020. The Trump family has claimed otherwise, although it has come under fierce criticism for its appearance. invite those seeking influence to frequent the place. The panel, which is investigating Trump’s conflicts of interest during his tenure, did not say whether the sale would affect his ongoing investigation.
Read it on The Wall Street Journal