PE Ledger

Saturday, December 4, 2021

The Trump Organization is planning to sell his Washington hotel for $375 million, according to reports

According to the Wall Street Journal, the Miami-based investment fund has reached a separate contract with Hilton Worldwide Holdings to rebrand the Trump’s Hotel as a Waldorf Astoria.

New York, United States: 

According to US media reports on Sunday, the Trump Organization has been allowed to sell its Washington hotel lease for 375 million dollars to CGI Merchant Group, which aims to remove ex-president Donald Trump’s name off the luxury property’s facade.

According to the Wall Street Journal, the Miami-based investment fund has reached a separate agreement with Hilton Worldwide Holdings to rebrand the Trump’s Hotel as a Waldorf Astoria.

CGI declined to respond when contacted by AFP. Likewise, the Trump Organization and the Hilton Group did not respond to demands for comment right away.

The Trump Organization does not own the historic building just a few steps from the White House and down Pennsylvania Avenue from the United States Capitol.

The building, which was once the capital city’s primary post office, is now owned by the US government, which leased it to Trump’s real estate company in 2013 for 60 years with an option to extend for another 40.

The Trump Organization put $200 million into refurbishing the late-nineteenth-century structure, which is listed on the National Register of Well-known Places.

As per a House Oversight and Government Reform Committee opinion, between the hotel’s launch in 2016 and August 2020, the business founded to manage it, Trump Old Post Office LLC, lost more than $71 million. In addition, it has never been profitable.

The establishment, famed for its huge atrium and soaring clock tower, served as a meeting venue for Republican politicians, contributors, and lobbyists during Trump’s presidency.

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