Donald Trump sells his Washington hotel for $ 375 million | International

El Trump International Hotel in Washington.ERIN SCOTT (Reuters)

Donald Trump is on the verge of losing what was the crown jewel of his hotel portfolio. The hotel company owned by the former president has reached an agreement to sell for $ 375 million the transfer of its opulent hotel in Washington, located five blocks from the White House and near the Capitol, according to the newspaper. The Wall Street Journal. The American asset manager CGI Merchant Group will retain the property management rights and, again according to the Newspaper, has already entered into an agreement with Hilton Worldwide Holdings to rename and manage it under the Waldorf Astoria heading.

The luxury hotel, conveniently perched on the edge of the National Mall, opened in 2016, just before Trump was elected president. It occupies an imposing 122-year-old building that was once the post office. The building is owned by the federal government, but the lease can be extended for 100 years. In 2013, the Trump Organization took over the property for a period of 60 years in a very tight competition, involving the biggest names in the business with powerful bank funds, as was the case with Marriott International.

Located on strategic Pennsylvania Avenue, the hotel’s grand opening, almost as Trump moved into the White House, transformed the imposing estate of pretentious and romantic imitation into the haunt of any self-respecting Republican Trump. . Important businessmen have passed through its 263 luxurious rooms. Lobbyists have swapped the halls of the Ritz or the Four Seasons for the Trump lobby. In extravagant golden armchairs, economic deals were forged and there were those wandering the halls hoping to bump into a Trump adviser – many frequenting the premises – or, better yet, one of his children, and thus get a way. enter the Oval Office.

Around this time, the hotel became one of the main sources of income for the Trump family and one of the few companies to have seen a significant increase in income since Trump took the White House. Trump himself has visited him dozens of times since he took the presidency.

The Newspaper reports that the hotel generated $ 150 million in profits over a four-year period, according to figures provided by Trump when he was president. The most recent data refers to all of 2020 and the first few weeks of this year, when revenue fell to 15 million from the 40 earned in 2019.

Since the fall of 2019, there has been speculation about the pompous hotel launching on the market, which, oddly enough, coincided with Trump reversing his intention to celebrate the G7 summit that year. in its hotel and golf resort. National Doral, near Miami, Florida. Historically, the White House has said it has not obtained benefits for hosting dignitaries on its premises. In their rooms slept, among others, the President of Romania, Klaus Iohannis; Former Trump spokesman Anthony Scaramucci and Steve Mnuchin, Treasury Secretary, who resided at the hotel for six months.

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The sale of the hotel’s license comes as several Democratic-majority House of Representatives committees investigated and held hearings into possible conflicts of interest and fees levied by Trump. A report from one of these commissions estimates that the hotel would have recorded losses of more than $ 70 million between its opening and the end of 2020, figures that the Trump Organization refutes.

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