Tuesday, July 16, 2024

Trump Organization in talks to sell luxury hotel in Washington

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Cole Hanson
Cole Hanson
"Extreme twitteraholic. Passionate travel nerd. Hardcore zombie trailblazer. Web fanatic. Evil bacon geek."

WASHINGTON (Reuters) – The family business of former U.S. President Donald Trump is in negotiations with U.S. asset manager CGI Merchant Group to sell a lease on its luxury hotel in Washington, Washington said on Tuesday. The Wall Street Journal.

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The amount of the deal may reach more than 370 million dollars, determines the daily financial, which quoted sources close to the file.

Near the White House and the Capitol Building, the Trump International Hotel Washington, D.C. is located on the site of the former post office of the US federal capital, built at the end of the 19th century.NS century.

The building is owned by the US government, but in 2013 the General Services Administration (GSA), which manages federal properties, offered the Trump Organization a 60-year lease with the option of a 40-year extension.

Opened in 2016, the hotel became a hotspot for Republican elected officials and donors during Donald Trump’s tenure.

The hesitation has been significantly lower since the Republican billionaire’s defeat in the November 2020 presidential election of Joe Biden.

A report by a US congressional committee released Friday estimated that the hotel incurred more than $70 million in losses between its opening and the end of 2020, figures the Trump Organization contested.

The committee, headed by an elected Democrat, was also surprised by the amounts paid by foreign governments to the hotel during Trump’s presidency, which may amount to a conflict of interest.

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according to The Wall Street JournalIf CGI Merchant Group buys the lease, the company will seek to remove Trump’s name from the building and turn it into a global hotel group like Hilton Worldwide Holdings.

Agence France-Presse, CGI Merchant Group, Trump Organization and GSA contacted and did not respond immediately.

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