The Trump DC Hotel is set to be sold to the Miami Investment FundOn March 26, 2022 by editor
Donald Trump’s luxury hotel near the White House has received official approval to hand over a sale key to the Miami Investment Fund, with many industry experts doubting it will ever pass.
By Bernard Condon Associated Press
March 25, 2022, 11:25 PM
A Read 3 minutes
NEW YORK – Donald Trump’s luxury hotel near the White House, which sparked much controversy among diplomats, lobbyists and the president when he was president, received official approval on Friday to hand over the keys to a Miami investment fund, the last hurdle in many industrial sales. Experts will never go through the doubts.
The federal government agency overseeing the building said a “comprehensive and comprehensive” review had found no problems with the Trump agency’s plans to sell it to a fund led by the CGI Merchant Group. Investors include former New York Yankees slugger Alex Rodriguez, the Associated Press reports. The ট্যাগ 375 million price tag far exceeds many expectations for a hotel that lost several million dollars during Trump’s presidency.
The deal is a significant victory for the former president’s company after business partners severed ties after the January 6 capital riots by Trump supporters. Owners of a wide range of real estate companies, golf courses, clubs and office towers were also suffering from the effects of the epidemic shutdown.
Trump’s company spent more than 5 375 million, more than $ 200 million, to renovate the historic, federally owned Old Post office into a hotel, as well as $ 70 million, which the congressional oversight committee said the hotel lost to Trump in his four years in office. .
Eric Trump, one of Trump’s sons in charge of the business, declined to comment, confirming that the green light from the Fed was the last condition to close the deal.
A spokesman for Rodriguez did not immediately respond to a request for comment.
Official policymakers have long criticized Trump for opening hotels for lobbyists, diplomats and others seeking to influence policy. The hotel has been the subject of several lawsuits and investigations, including one by the House Oversight Committee.
“The sale of the Trump Hotel does not address the Committee’s serious concerns about conflicts of interest with former President Trump,” said Caroline Maloney, a New York Democratic Republican, chair of the committee. “No one is above the law.”
The Trump family is not selling the building itself, but has fixed it and taken a long-term lease with the federal government in exchange for rent. The agreement was overseen by the General Services Administration, the federal agency that completed the sales review.
When the new deal is finalized in the coming weeks, the new owners plan to transform the 263-room hotel into a Waldorf Astoria, removing Trump’s name from the mask under a separate deal with Hilton, the owner of the luxury brand.
Other changes are unclear, but if CGI, Rodriguez and other investors follow the pattern of past agreements they’ve put together, the property could turn from a magnet to a generous-minded, environmentally friendly gathering place for Trump supporters.
Investors, through their CGI-led fund, bought two Miami hotels and a third on the campus of Morris Brown College, Atlanta, and rebranded them in a chain of “socially conscious” and “eco-friendly” features.
CGI’s chief executive, Jamaican-born Raul Thomas, is a heavyweight Democratic Party donor who has pledged 1% of room revenue to local charities, shopping from local businesses and using eco-friendly products.
Rodriguez is not the only celebrity investor. CGI has confirmed that former boxing champion Floyd Mayweather Jr. is also in the fund and will be a part-owner of the hotel.