Donald Trump’s opulent hotel near the White House that attracted lobbyists and diplomats seeking favors from the former president and was criticized for being a symbol of his ethical conflicts is being sold to a Miami investment group, according to reports. posts citing anonymous sources.
CGI Merchant Group It agreed to pay the Trump Organization $ 375 million for the rights to the 263-room hotel and has plans to rename it the Waldorf Astoria, according to The Wall Street Journal and The New York Times, citing sources with knowledge of the matter.
Neither the Trump Organization nor the CGI responded to numerous requests for comment.
The deal is expected to close early next year, after which the hotel will be run by the Waldorf Astoria under a separate CGI deal, according to The Journal. The Waldorf Astoria business is owned by Hilton Worldwide Holdings.
The hotel has generated huge economic losses for the Trump family since it obtained the rights to transform a majestic building called the Old Post Office from the federal government under a lease that, with lease extensions, can last close to 100 years.
The Trump Organization invested $ 200 million to turn it into a luxury hotel, which opened in late 2016, shortly before Donald Trump became president of the United States.
It then proceeded to generate losses of about $ 70 million over four years, according to audit reports obtained by a House committee that was conducting an inquiry into Trump for conflicts of interest in his businesses.
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