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The Trump organization has reached an agreement to sell the hotel rental in Washington DC, with the new owners renaming it Waldorf Astoria, sources told Bloomberg News.
Who Bloomberg
Posted on November 15, 2021
Donald Trump’s family company reached an agreement to sell the rights to the Washington, DC hotel for $ 375 million, after which the property will be renamed Waldorf Astoria, according to people familiar with the matter.
A Miami-based CGI Merchant Group investment firm has a contract to lease the hotel at the Trump International Hotel, less than a mile from the White House on Pennsylvania Avenue, because people did not want to identify it. it is private matter. The transaction is expected to be completed in the first quarter, they said.
The buyer intends to remove the name Trump and reached an agreement with Hilton Worldwide Holdings Inc. to convert the property into a Waldorf Astoria managed by Hilton. The Wall Street Journal reported the deal early Sunday.
Trump International Hotel in Washington, DC, on Friday, September 17, 2021 [Bloomberg]Trump won the rights to develop a hotel located in the Washington Post Office building on Pennsylvania Avenue in 2012 by renting the building to the federal government. The hotel has been a precious commodity for the Trump Organization, and Trump rejected calls to sell the hotel when he was elected president.
Trump’s company has been working tirelessly to sell the hotel since 2019, when it set a price target of more than $ 500 million, Bloomberg News reported earlier.
The hotel was a consistent controversy, with critics saying it could benefit foreign governments and other interest groups by reserving rooms on a property owned by the former president’s company.
According to documents released by the House Committee on Oversight and Reform, the hotel received about $ 3.75 million in foreign government payments, but still lost more than $ 70 million during Trump’s stay in the White House. The Trump organization sued the report.
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