Trump Holding Company to sell lease of Washington Hotel for $375 million (PRESS)

Trump Holding Company to sell lease of Washington Hotel for $375 million (PRESS)

Donald Trump’s holding company The Trump Organization will sell a lease of its luxury hotel in Washington for $375 million to CGI Merchant Group, which is now planning to rename the establishment as Trump International Hotel, multiple US media reported on Sunday.

According to the Wall Street Journal, CGI Merchant Group has entered into another agreement with hotel conglomerate Hilton, which it will manage through its subsidiary, Waldorf Astoria, which will give the hotel its name.

Asked by AFP, a spokesperson for CGI Merchant Group declined to comment. When contacted, the Trump Organization did not immediately follow up, and neither did the Hilton Group.

Located a few hundred meters from the White House and a little further from the Capitol, the building in which the hotel is housed does not belong to the Trump Organization.

It is owned by the US government, which has been leasing it since 2013 to the former head of state’s real estate group for a 60-year lease, with a clause offering the possibility of another 40-year extension.

The Trump Organization will have invested some $200 million in the renovation of this listed building, which was built in the late 19th century to house the federal capital’s main post office.

According to a report by the House of Representatives Supervisory Committee, Trump Old Post Office LLC, a special purpose company created to manage the hotel, reported losses of more than $71 million between the hotel’s opening in 2016, and the end of . August 2020. She was never a beneficiary.

During Donald Trump’s presidency, the establishment, known for its sprawling atrium and its neo-Romanesque tower, became a meeting place for elected Republicans, donors and lobbyists.

Many elected officials and personalities at the time were moved by the fact that the hotel, which has 263 rooms, was able to accommodate foreign dignitaries visiting Washington.

He argued the potential for conflict of interest for Donald Trump, President of the United States and still a shareholder of the Trump Organization, in which he retained his shares.

An investigation by the Supervisory Commission is still ongoing.

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