Disgraced former president’s company closes sale of DC hotel

Source: Reuters

“The Trump Organization said on Wednesday that it completed the $375 million sale of the lease on the Trump International Hotel in Washington, D.C. to an investment firm that plans to rebrand the property as the Waldorf Astoria. The business owned by the family of former President Donald Trump bought the rights in 2013 to the hotel, housed inside in the historic Old Post Office Building blocks away from the White House, and renovated it. The building itself is still owned by the federal government. In March, the U.S. General Services Administration, which acts as the federal government’s landlord, approved the sale of the rights by the Trump Organization to Miami-based CGI Merchant Group. Trump is projected to gain $100 million from the transaction.” (05/12/22)