Saturday, September 23

Donald Trump sells his Washington DC hotel for $ 370 million

Former President Donald Trump is about to sell the Trump International Hotel.

Former President Donald Trump is about to sell the Trump International Hotel.

Scott Olson / Getty Images

It is no secret to anyone that Donald Trump’s finances were affected while he was president of the United States and perhaps that is why he is selling his luxury hotel in Washington, DC, for more than $ 370 million dollars, although there is talk that the negotiations could reach up to $ 400 million.

According to a note published Tuesday by The Wall Street Journal, the lease of the Trump International Hotel could be acquired by investment firm CGI Merchant Group, based in Miami.

It is also known that CGI Merchant Group eliminará the controversial Trump last name, from the hotel along Pennsylvania Avenue, near the White House, once the operation is completed.

CGI Merchant Group would acquire the lease, sources familiar with the matter told WSJ. The property is owned by the federal government, since the hotel is located in the old post officeBut the lease could last up to 100 years.

The Trump organization bought the property in 2012 and the hotel opened in 2016 and is said to have surpassed some of the biggest names in the hotel business for leasing, including the Marriott and Hilton hotels.

The property has been at the center of a political controversy over allegations that the Former president violated the emoluments clause of the Constitution, an anti-corruption rule that prohibits government officials from receiving gifts or benefiting from foreign governments, in this case taking advantage of the stay of powerful figures from other countries in the hotel.

In the former president’s financial statements, he said he earned more than $ 150 million in hotel revenue between 2016 and 2020, but according to documents released Friday by the House of Representatives Oversight Committee, the Trump International Hotel lost more than $ 73 million in that period..

According to the information, the committee indicates that the former president had to “inject at least $ 24 million to help the hotel in difficulties.”

“The Committee found that President Trump provided misleading information about the Trump Hotel’s financial condition in his annual financial disclosures,” the committee warned in a statement.

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