Donald Trump has agreed to sell his famous Washington, D.C. hotel to an offshore company, which plans to remove Trump’s name from the building and hand it over to the Hilton Management Group, The Wall Street Journal mentioned.
The hotel is being sold to Miami-based investment firm CGI Merchant Group for $375 million magazine It was reported, citing unnamed sources familiar with the deal, that CGI intends to run the property by Hilton Worldwide Holdings’ Waldorf Astoria Group.
The Trump Organization won the rights to rent the building, a federal property, in 2012, but the Trump International Hotel turned out to be a sort of political and financial predominance for the president eventually, and for some time the hotel became a gathering hotspot for Republican politicians, lobbyists and other executives hoping to get closer From Trump orbit or obtain the permission of senior officials.
Ethics experts have criticized it for raising millions from foreign governments to send their staff to stay there, while on the business side, the hotel was reported to have lost $70 million between 2016 and 2020, although the Trump Organization disputes these findings.
The House Oversight and Reform Committee is currently conducting a conflict of interest investigation over the Trump Organization’s lease of the building owned by the federal government.
The Trump family outwitted major hoteliers like Marriott and Hilton to take over the property, promising to spend $200 million renovating the former Post Office, and the Trump Organization says the Trump International Hotel generated $150 in revenue when Trump was in office.
A group of ethics experts sued Donald Trump in 2017 over his continuing stake in the hotel, alleging he violated the US Constitution’s prohibition on taking commercial gain from an official position and calling it “four years of … endemic corruption.” Democratic lawmakers and the attorney general in Washington, D.C. and Maryland have filed similar legal actions against Trump, and the case made its way to the US Supreme Court, which dismissed the suit.