Trump company in late-stage talks to sell DC hotel: report
Old President TrumpPennsylvania GOP-controlled Donald Trump Senate to spend up to 0K on election probe Trump congratulates Rittenhouse on acquittalThe company’s reportedly in late-stage discussions to sell the rights to the Trump International Hotel in Washington, DC
Sources familiar with the matter told the Wall Street Journal that Miami-based investment firm CGI Merchant Group was in talks to acquire the hotel lease. According to these sources, CGI is also in talks with large hotel groups like Hilton Worldwide Holdings Inc. to remove Trump’s name from the hotel.
As the Journal noted, the federal government owns the property, the former post office. Trump won the lease for the property in 2013, agreeing to pay a stated base rent of $ 250,000 per month. The then real estate mogul reportedly spent hundreds of millions of dollars to renovate the property into a luxury hotel.
A person familiar with the matter told the Journal that the lease could now fetch close to $ 400 million, nearly double what the Trump Organization spent to renovate the property. Trump considered selling the hotel’s lease about two years ago, according to the Journal, in the apparent hope that he could sell it for nearly half a billion dollars.
The House Oversight and Reform Committee investigated the hotel and Trump for possible conflicts of interest while he was in office.
Last week, the committee released documents showing the hotel lost more than $ 71 million from 2017 to 2020. Chair of the committee Carolyn MaloneyCarolyn MaloneyGOP calls for watchdog with Kerry on climate diplomacy Senators look to defense bill to move cybersecurity measures More than 100 Democrats sign bill to ensure access to birth control MORE (DN.Y.) and Chairman of the Government Operations Subcommittee Gerry ConnollyGerald (Gerry) Edward ConnollyHouse Democrats miss opportunity to help McAuliffe progressives see infrastructure vote next week Dem hopes infrastructure vote hits brick wall MORE (D-Va.) Said the documents showed Trump misled the General Services Administration by claiming to make huge profits on a company that was gravely in the red.
The documents also revealed that Trump’s company received $ 3.7 million from foreign governments during his presidency.
The Hill has contacted the Trump Organization for comment.