fbpx
Merck Foundation and African First Ladies marking World Cancer Day 2023 through 110 scholarships of Oncology Fellowships in 25 countriesRead more Supporting women leaders and aspirants to unleash their potentialRead more Fake medicines kill almost 500,000 sub-Saharan Africans a year: United Nations Office on Drugs and Crime (UNODC) reportRead more Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more 11 Disruptive Startups Selected for Cohort 3 of the Africa Startup Initiative Program (ASIP) Accelerator Program powered by Startupbootcamp AfricaRead more Africa Data Centres breaks ground on new Sameer facility in NairobiRead more Coffee with a human face: A union that improves livelihoods for Ugandan farmersRead more Trends Predicted to drive the retail industry in 2023Read more Vantage Capital exits Pétro IvoireRead more

Trump Organization to sell Washington hotel for $375 mn: US media

show caption
The Trump International Hotel, reportedly set to be sold to an investment group, has been a Washington meeting place for Republican politicians and donors, and a magnet for controversy, since it opened in 2016./AFP
Print Friendly and PDF

Nov 15, 2021 - 09:41 AM

NEW YORK — The Trump Organization has reached a deal to sell its Washington hotel lease for $375 million to CGI Merchant Group, which plans to remove ex-president Donald Trump’s name from the luxury property’s facade, US media reported Sunday.

The Miami-based investment fund has struck a separate agreement with Hilton Worldwide Holdings to rebrand the Trump International Hotel as a Waldorf Astoria, according to the Wall Street Journal.

Contacted by AFP, CGI declined to comment. The Trump Organization and Hilton group also did not immediately return requests.

The historic building just a short walk from the White House and down Pennsylvania Avenue from the US Capitol is not owned by the Trump Organization.

Once the capital city’s main post office, the structure is owned by the US government which in 2013 leased it to Trump’s real estate company for 60 years, with an option to extend for another 40 years.

The Trump Organization invested some $200 million in the renovation of the building, which was constructed in the late 19th century and is on the National Register of Historic Places.

According to a report by the House Oversight and Government Reform Committee, the company created to manage the hotel, Trump Old Post Office LLC, incurred more than $71 million in losses between the hotel’s opening in 2016 and August 2020. It has never turned a profit.

During Trump’s presidency the establishment — known for its massive atrium and soaring clock tower — served as a meeting place for Republican officials, donors and lobbyists.

At the time several lawmakers and other figures expressed concern that the 263-room hotel was accommodating foreign dignitaries visiting Washington.

They pointed to a potential conflict of interest for Trump, who was both president of the United States and still a key shareholder in the Trump Organization.

A congressional investigation into the matter is ongoing.

  • bio
  • twitter
  • facebook
  • latest posts

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.