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The Trump Organization has pledged to sell the hotel to its Washington, DC hotel, where the new owners renamed it Waldorf Astoria, sources told Bloomberg News.
Author Bloomberg
Published On 15 Nov 2021
The Donald Trump family-owned company made an agreement to sell the free hotel at its Washington, DC hotel for $ 375 million, later the site will be renamed Waldorf Astoria, according to people familiar with the matter.
The Miami-based investment company, CGI Merchant Group, is in the process of buying the Trump International Hotel, located about a mile from the White House on Pennsylvania Avenue, people said, who declined to be identified because the matter is confidential. The project is expected to be completed in the first quarter, he said.
The buyer wants to remove Trump’s name and has partnered with Hilton Worldwide Holdings Inc. to turn the site into a Waldorf Astoria run by Hilton. The Wall Street Journal also reported on the deal on Sunday.
Trump International Hotel in Washington, DC, Friday, September 17, 2021 [Bloomberg]Trump won the right to rent the hotel, located at Washington’s Old Post Office on Pennsylvania Avenue, in 2012, and to rent the house from the federal government. The hotel has become a valuable asset to the Trump Organization, and Trump turned down phone calls to sell the hotel after he was elected president.
Trump’s company has been active in trying to sell the hotel since 2019, when it raised more than $ 500 million, Bloomberg News added.
The hotel has always been a source of controversy, with critics claiming that foreign governments and other interested parties may be favored by reserving a room for the former president’s company.
According to documents released by the House Committee on Oversight and Reform, the hotel received $ 3.75 million in foreign funding, but still lost more than $ 70 million during Trump’s time at the White House. The Trump Organization condemned the report.
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