SAWT BEIRUT INTERNATIONAL

| 8 December 2021, Wednesday |

Trump Organization selling Washington hotel for $375m, reports say

According to reports, the Trump Organization has agreed to sell its prized Washington hotel for $375 million (£279 million).

According to reports, the Trump International will be renamed the Waldorf Astoria and managed by the Hilton group as part of the planned sale.

A US congressional investigation revealed last month that the hotel lost more than $70 million during Donald Trump’s presidency.

In September 2016, the former US president’s company opened the hotel to the public.

Since 2019, the Trump Organization, which purchased a 60-year lease on the building, has been looking for buyers for the 263-room hotel.

According to The Wall Street Journal and Bloomberg, the deal with Miami-based investment firm CGI Merchant Group is expected to be completed in the first quarter of next year.

On Pennsylvania Avenue, less than a mile from the White House, stands the 120-year-old building.

In 2012, the Trump Organization received approval to redevelop the historic Old Post Office building.

It became a hotel four years later, just weeks after Mr. Trump accepted the Republican Party’s nomination to run for president.

The hotel became popular among Republicans visiting the city during Mr. Trump’s presidency.

However, it sparked some debate. Religious leaders called for the liquor license to be revoked in 2018, claiming the owner was “not a person of good character.”

A congressional investigation recently found that Mr Trump had “grossly exaggerated” the hotel’s profits when he claimed it made $150 million during his presidency.

According to the congressional committee, the hotel lost more than $70 million while he was in office.

According to the report, Mr Trump appeared to have “concealed potential conflicts of interest” related to his ownership of the hotel as well as his roles as its lender and guarantor of third-party loans.

According to documents, the hotel received $3.7 million in payments from foreign governments, which is enough to cover 7,400 nights at the hotel at the average daily rate.

The Trump Organization denied any wrongdoing and described the report as “misleading.”