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Highlights
- The Trump Organization has reached an agreement with a potential buyer to sell the leasehold Trump International Hotel in Washington DC for US$375 million.
- The hotel is one of the iconic buildings in the state, located just a few blocks away from the White House.
- Trump’s family spent nearly US$200 million to convert the 19th-century post office into a modern luxurious hotel, the people familiar with the matter said.
Former US President Donald Trump’s Trump Organization has reached an agreement with a potential buyer to sell his leasehold property the Trump International Hotel in Washington DC for US$375 million, people familiar with the matter said.
Wall Street Journal reported on Sunday that Miami-based investment company CGI Merchant Group is in contract to acquire the hotel's lease. The Trump International Hotel is one of the iconic buildings in the state, located just a few blocks away from the White House.
Trump Organization to sell iconic Washington DC hotel for US$375 million
It was one of the popular spots for the meetings of Trump supporters and foreign dignitaries during his presidency. The new owner is likely to rechristen the hotel to replace his name on the property. CGI has reached an agreement with Hilton Worldwide Holdings Inc to manage the property by Hilton Waldorf Astoria Group, WSJ reported citing people familiar with the matter.
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Although the federal government is the original owner, the hotel’s lease can run up to 100 years. The hotel has previously housed the former headquarters of the Old Post Office. It is also well known for some of the largest guest rooms in the capital.
The deal is expected to be close in the first quarter of next year. The Democrat-led House committees are currently holding hearings on potential conflicts of interests and emoluments.
Last month, the US House Committee on Oversight and Reform had said the newly acquired documents related to the hotel raised "troubling" questions about the property.
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Source: Pixabay
Conflict of Interest
Trump said the hotel had earned him over US$150 million during his tenure in office. But investigators found that he lost over US$70 million, said the people familiar with the matter.
The committee has also found that the hotel received payments of more than US$3.7 million from foreign governments, raising the potential conflict of interest, they said.
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The Trump Hotel is the city’s second-tallest structure after the Washington Monument. The Trump family spent nearly US$200 million to convert the 19th-century post office into a modern luxurious hotel, the people familiar with the matter said.
