Connect with us

Hi, what are you looking for?

Politics

Trump sells Washington hotel lease to investment group

The Trump Organization on Wednesday completed the sale of its luxury hotel lease on Pennsylvania Avenue to CGI Merchant Group and its partner Hilton Worldwide Holdings Inc., which will operate the hotel as a Waldorf Astoria property.

“As a family, it has been an honor and a privilege to redevelop the Nation’s Old Post Office,” Eric Trump, executive vice president of the Trump Organization, said in a statement Wednesday. “We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world.”

The hotel has been a source of controversy — and the subject of lawsuits and investigations — since Trump assumed the Oval Office. It was a meeting ground for Republicans and others who sought to cozy up to the then-President. But it also drew scrutiny from Democrats, who believed Trump was improperly profiting from his presidency.

The General Services Administration, which manages federal buildings and land, awarded the lease for the Old Post Office building to Trump in 2012. Trump opened the hotel in 2016, when he was the Republican nominee for president.

When he took office, Trump resigned from his companies but transferred his assets to a trust run by his sons, allowing him to still benefit financially from the DC hotel and his other businesses.

Documents released by the House Oversight Committee showed the hotel received millions from foreign governments in payments and loan deferral, which Trump did not disclose, raising questions about potential conflicts of interest during his presidency.

The committee asked the GSA last month to terminate the lease before Trump could sell it, to prohibit the Trump Organization from profiting off the sale. But the GSA said its review had determined that the sale price — $370 million — was reasonable.

It added that Trump and CGI believe that the hotel, which was not profitable under Trump, would “generate significantly more revenue than is currently being generated, based in a large part in being able to bring more guests to the hotel.”

Last year, CNN observed a largely empty hotel during multiple visits to the property after Trump left office.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Politics

Direct air carbon removal projects are like giant vacuum cleaners that suck planet-warming carbon dioxide out of the air and lock it away. They...

Politics

Democratic Sen. Mazie Hirono of Hawaii asked for unanimous consent on the floor for the Senate to take up H.R. 3525 — a bill...

Politics

Sen. Patty Murray, the chairwoman of the Senate Health, Education, Labor, and Pensions Committee, and Democratic Sen. Bob Casey of Pennsylvania led 30 Democrats...

Politics

The false Zelensky suicide claim is just one of several information operations tracked by Mandiant from suspected Russian and Belarusian actors that were aimed...

Politics

Biden administration officials are in talks with the Saudis about arranging a potential in-person meeting while the President is overseas next month, current and...

Politics

Biden has suggested that he would support canceling up to $10,000 per person while excluding wealthier borrowers — but we don’t know exactly what...

Politics

Lawyers for the defendant, Michael Sussmann, told the judge he can’t get a fair trial because one of the witnesses suggested Sussmann could answer...

Politics

The controversy, which Democratic leaders are trying to tamp down in order to avoid a full-blown public brawl, has led some members to question...