The lease to the Washington hotel run by Donald Trump’s family company while he was president has been sold to a Miami-based investor fund.
By Bernard CondonThe lease to the Washington, D.C., hotel run by Donald Trump's family company while he was president, a symbol of his power to GOP politicians who gathered there and of corruption to his critics, has been sold by his family company to a Miami-based investor fund.
The Trump Organization said Wednesday that it had completed the sale of a long-term lease of the Trump International Hotel to CGI Merchant Group of Miami for what it described as a record price per room for the city. Sources close to the deal demanding anonymity to discuss the private transaction have said that the price was $375 million, handing the Trump family business perhaps as much as $100 million in profit.
The new owners plan to remove the Trump name from the facade and rebrand the hotel a Waldorf Astoria. The Associated Press reported earlier this year thatMany hotel brokers, owners and consultants did not expect the 263-room hotel down the street from the White House to fetch such a high price. The hotel lost more than $70 milllion during the four years of Trump's presidency, including in each year before pandemic shut downs.
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