The Trump International Hotel in Washington, DC, is reportedly set to be renamed after a Miami-based investment group took control of the property on Pennsylvania Avenue.
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Chip Somodevilla / Getty
The Trump International Hotel in Washington, DC, is reportedly set to be renamed after a Miami-based investment group took control of the property on Pennsylvania Avenue.
Chip Somodevilla / Getty
According to multiple reports, the company of former President Donald Trump has agreed to sell the operation of the Trump International Hotel in Washington, DC. The deal is reportedly worth $375 million and will result in the Trump name being removed from the landmark property close to the White House.
The hotel lease is being acquired by Miami-based investment firm CGI Merchant Group The Wall Street Journal, said the company is working with another hotel chain, Hilton Worldwide Holdings.
In the new iteration, Trump’s name will be replaced by the Waldorf Astoria branding on the massive historic property, which was previously both a post office and an office building.
Members of the House Oversight Committee recently announced that the Trump family company suffered a net loss of $70 million in operating the hotel. The monthly rent for the building is $250,000.
The Trump International Hotel location opened on Pennsylvania Avenue in the fall of 2016, just months before Trump took office. It quickly became known as a land for Trump’s Republican allies, as well as a focal point for protests against the president.
Trump’s dual roles as US executive and local hotel owner have thwarted accusations that he violated federal monument law.
trumpet face a lawsuit about those claims, but the Supreme Court finish the suit after President Biden was sworn in. In the new financial details, released last month, Democrats said foreign governments paid an estimated $3.7 million to rent rooms in hotels.
The Trump Hotel in DC also survived the attempt to force the federal government to end 60 year lease contract Trump signed off on the building in 2013, because the contract language makes it clear that no “elected official of the Government of the United States … shall be admitted to any shares or portion of the Lease. this, or any benefit that may arise therefrom[.]”
Despite that contract, the General Services Administration said The Trump Organization has complied with the lease because Trump transferred his financial interest in the building to a trust managed by his family and others.
