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November 29, 2021

Trump’s Controversial Property To Be Sold, Renamed

By T. Thompson In Latest News with Comments Off on Trump’s Controversial Property To Be Sold, Renamed

Former President Donald Trump’s company is reportedly set to sell its Trump International Hotel in Washington, D.C.

The Wall Street Journal reported that the Miami-based investment firm CGI Merchant Group is purchasing the hotel’s lease. Trump’s name will be removed and replaced with the Waldorf Astoria brand.

Members of the House Oversight Committee recently said Trump’s company sustained a net loss of $70 million in operating the hotel, which costs $250,000 monthly to rent.

The Trump International Hotel opened on Pennsylvania Avenue in 2016, shortly before Trump’s inauguration. The former president’s newfound role as a local hotel owner sparked claims that he’d violated federal emoluments laws.

Trump faced a lawsuit over those accusations, but the Supreme Court ended the litigation after President Joe Biden was sworn in. Last month, congress released new financial details, saying foreign governments had spent roughly $3.7 million on rooms.

The hotel also withstood an attempt to force the government to end Trump’s 60-year lease over the contract’s stipulation that no “elected official of the Government of the United States … shall be admitted to any share or part of this Lease, or to any benefit that may arise therefrom.”

However, the General Services Administration concluded that the Trump Organization had complied with the lease, citing that Trump had shifted his financial interest to a trust managed in part by his family.

Source:

Trump’s controversial hotel in D.C. will reportedly be sold and renamed

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