For 375 million dollars: the Trump company sells the rights to a luxury hotel

For $375 million
The Trump company sells the rights to a luxury hotel

The Trump International Hotel was a popular meeting place for Republicans and lobbyists courting the then president. Trump’s group of companies is now selling the luxury hotel with around 250 rooms. Going forward, it will be managed under the Hilton Waldorf Astoria brand.

The Trump International Hotel in Washington is history: Former US President Donald Trump’s group of companies has sold the rental rights to its hotel in the US capital. Investment firm CGI Merchant Group has entered into a corresponding agreement with the Trump Organization, as both parties announced.

The Trump Group has operated a luxury hotel with about 250 rooms in Washington since 2016 in a former post office building on long-term government lease. During his presidency — at least until the pandemic — the hotel was a popular place for meetings of Republicans and lobbyists courting Trump’s favor. Trump’s son, Eric Trump, called the sale on Twitter a “record.”

Donald Trump is the founder of the Trump Organization, his two sons Donald Trump Jr. and Eric Trump are the vice presidents of the business conglomerate, mainly active in the real estate sector. Investment firm CGI Merchant Group called the purchase a “significant milestone” for the company. No information was given on the purchase price. The media reported that it should be around 375 million dollars (about 361 million euros).

According to CGI, it has entered into an agreement with the Hilton hotel chain to operate the hotel under its Waldorf Astoria brand. The new hotel should then open at the beginning of the summer. It’s near the White House.

The hotel has been the subject of a corruption lawsuit against Trump. He had been accused of profiting from business with foreign governments through the hotel in Washington, among other things, because of his office as president, for example by hosting diplomats or entire delegations. In late January, the U.S. Supreme Court ordered the relevant appellate court to dismiss the case because it was no longer relevant after Trump’s departure.

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