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Friday, January 27, 2023

Trump Organization is Selling Washington Hotel for $375m

According to reports, the Trump Organization has agreed to sell its coveted Washington hotel for $375 million (£279 million).

According to rumours, the Trump International will be renamed Waldorf Astoria and operated by the Hilton company as part of the anticipated sale.

A US congressional investigation revealed last month that the hotel lost more than $70 million during Donald Trump’s presidency.

In September 2016, the former US president’s corporation opened the hotel to the public.

The Trump Organization had been hunting for a buyer for the 263-room hotel since 2019, when it purchased a 60-year lease on the structure.

According to The Wall Street Journal and Bloomberg, the agreement with Miami-based investment company CGI Merchant Group is scheduled to close in the first quarter of next year.

On Pennsylvania Avenue, the 120-year-old structure is less than a mile from the White House.

In 2012, the Trump Organization was granted permission to rebuild the historic Old Post Office building.

Four years later, just weeks after Mr Trump clinched the Republican Party’s presidential candidacy, it debuted as a hotel.

The hotel became popular among Republicans visiting the city during Mr Trump’s presidency.

However, it sparked a debate. Religious leaders demanded that the liquor license be canceled in 2018, alleging that the owner was “not a person of good character.”

A congressional probe recently showed that Mr Trump “grossly inflated” the hotel’s profitability when he claimed it made $150 million during his presidency.

According to the congressional inquiry, the hotel lost more than $70 million while he was in office.

Mr Trump seemed to have “hidden possible conflicts of interest” connected to his ownership of the property and his responsibilities as its lender and guarantor of third-party loans, according to the investigation.

According to the committee, the hotel received $3.7 million in payments from foreign governments, which is enough to cover 7,400 nights at the hotel on an average daily rate.

The Trump Organization has denied any wrongdoing and referred to the allegations as “misleading.”

Requests for comment on the sale of the Trump International Hotel were not immediately returned by the Trump Organization or CGI Merchant Group.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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