When not doing his political shenanigans, Donald Trump is taking care of his business ventures. The latest reports are saying that the Trump Organization just sold the Washington Hotel for a staggering $375m. A pretty sum, to keep the ex-POTUS warm at night.
The Trump International will carry a new name in the future as it’s part of the wholesale. Once the deal is completed the hotel will carry the name Waldorf Astoria. It will belong to the Hilton group, which will look to turn its fortunes. During Trump’s tenure in the White House, the place accumulated $70 losses. This report was released after a US congressional probe examined the hotel’s operations.
The company owned by the 45th United States president opened the place back in 2016. It hasn’t started well, nor has it managed to improve in the past few years, as it’s been listed for sale since 2019. The Trump Organization bought a 60-year lease on the hotel, which features 263-rooms. The deal is set in place, but its finalizations are expected to happen during the first quarter of 2023. Then, its ownership will transfer into the hands of the CGI Merchant Group. This deal has been in the works for a while now as reported by both Bloomberg and The Wall Street Journal.
The Trump Organization has a relationship with the palace that dates at least back to 2012. The hotel which is located within a one-mile radius from the White House was serving as an Old Post Office in the year before the takeover. It took Trump Organization four years to set the place up to serve as a hotel. Once its purpose was changed, Donald had to sever the ties with the place as he accepted the Republican party nomination to run for the presidency.
During Trump’s time in the office, the Trump Hotel was the favorite place for all Republicans visiting the capital. As everything touched by the hand of Donald Trump, it wasn’t without controversy. For some time, various religious leaders asked for its liquor permit to be revoked, as they saw its owner as a person not close to God, or a person of good character. As time passed it became evident that the hotel was working with losses, which is not close to the $150 million profits that Donald Trump reported. The congressional investigation confirmed that not only the hotel wasn’t making a profit, but it also reported losses over $70 million during the four years trump spent in the office.
Considering that congressional report is probably true, as opposed to what Donald Trump is saying, the ex-president must be relieved to have the building of his hands. The Trump Organization and CGI Merchant Group already have the deal set in stone, but both parties refused to release a statement regarding the sale at this moment. It probably has much to do with the conflict of interest that exists due to Trump’s involvement with the Trump Organization, and him being the President of the United States during the four years the hotel was active.