Former US President Donald Trump’s group of companies wants to sell the lease rights to their hotel in Washington for $ 375 million, according to a media report.
The investment firm CGI Merchant Group has concluded a corresponding agreement with the Trump Organization, reported the Wall Street Journal on Sunday (local time), citing unnamed sources. CNN also reported on it.
The lease sale of the Trump International Hotel, which is located near the White House, should be completed in early 2022, it said. CGI is planning to remove “Trump” from the name and has reached an agreement with the Hilton hotel chain to operate the hotel under its Waldorf Astoria brand.
The Trump Group has been operating a luxury hotel with around 250 rooms in Washington since 2016 in an old post office building leased on a long-term basis by the government. During his presidency – at least until the pandemic – the hotel was a popular meeting place for Republicans and lobbyists seeking Trump’s favor.
The hotel was also the subject of a corruption lawsuit against Trump. He had been accused of benefiting from business with foreign governments through the hotel in Washington, for example through overnight stays by diplomats or entire delegations, due to his office as president. At the end of January, the US Supreme Court ordered the competent appellate court to drop the case because it was no longer relevant after Trump left office.
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The hotel is also the focus of investigations by the Democrat-dominated US House of Representatives. Documents from the oversight committee said the hotel lost more than $ 70 million between its opening in 2016 and last year.
During Trump’s tenure, the hotel is said to have received payments from foreign governments estimated at $ 3.75 million between 2017 and 2020. The Trump Organization denied the information. (dpa)
Source From: Tagesspiegel
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