For $375 million
Trump company sells rights to luxury hotel
05/12/2022, 8:23 p.m
The Trump International Hotel was a popular meeting place for Republicans and lobbyists courting the then president. Trump’s group of companies is now selling the luxury hotel with around 250 rooms. In the future it will be managed under the Hilton brand Waldorf Astoria.
The Trump International Hotel in Washington is history: Former US President Donald Trump’s group of companies has sold the lease rights to its hotel in the US capital. The investment company CGI Merchant Group has concluded a corresponding agreement with the Trump Organization, as the two sides announced.
The Trump Group has been operating a luxury hotel with around 250 rooms in Washington since 2016 in an old post office building leased long-term by the government. During his presidency — at least up until the pandemic — the hotel was a popular spot for meetings of Republicans and lobbyists courting Trump’s favor. Trump’s son Eric Trump described the sale on Twitter as “record-breaking”.
Donald Trump is the founder of the Trump Organization, his two sons Donald Trump Jr. and Eric Trump are the vice presidents of the company conglomerate, which is primarily active in the real estate sector. Investment firm CGI Merchant Group called the purchase an “important milestone” for the company. No information was given regarding the purchase price. Media reported that this should be around 375 million dollars (around 361 million euros).
CGI says it has reached an agreement with the Hilton hotel chain to run the hotel under its Waldorf Astoria brand. The new hotel should then open in early summer. It is near the White House.
The hotel was the subject of a corruption lawsuit once morest Trump. He had been accused of profiting from business with foreign governments through the hotel in Washington, among other things, because of his office as president, for example by overnighting diplomats or entire delegations. At the end of January, the US Supreme Court ordered the competent court of appeals to drop the case because it was no longer relevant following Trump left office.
