Monday, October 3, 2022
HomeNewsTrump Organization finishes $ 375 million hotel sales

Trump Organization finishes $ 375 million hotel sales

According to the reporters,

Former President Donald Trump’s company sold the Trump International Hotel in Washington, D.C., to the Merchant Group for $ 375,

Merchant Group says that we will remove the trump name and rebrand it as Waldorf Astoria. Staff was seen removing signs at the hotel on Wednesday night. Investors say they hope the new hotel will be open by the end of the summer. 

Eric Trump said in a statement.

 “We have taken an old and dilapidated government building and turned it into one of the best hotels in the world. We are incredibly proud of our achievements,” 

So, many hotel dealers, landlords, and consultants did not expect that a 263-room hotel down the street from the White House would pick up such a high price. Trump’s place was a prestigious hotel with luxurious amenities and services. Forbes has awarded the hotel five stars and has won awards from tourism companies, hotel reservations, and other stores. However, The hotel is located inside the Old Post Office building, which is owned and leased by the federal government.

In 2016 he was elected president and later gave his two sons the daily activities of the Trump Organization. Although he did not officially separate himself from the business during his tenure, which expired in early 2021.

Trump Organization and Inaugural Committee

The Trump Organization and Trump’s inaugural committee of the U.S. president in 2017 recently agreed to pay $ 750,000 to resolve a lawsuit filed by the Columbia County attorney general alleging that the family-owned hotel received excessive payments to the committee.

The Trump International Hotel in Washington went on sale in 2019, with the organization hoping to raise $ 500 million. However, the hotel lost more than $ 70 million during the four years of Trump’s presidency, including each year before the epidemic closed.

The high price, equivalent to more than $ 1.4 million in a room, has drawn the attention of Democratic Alliance lawmakers. The US House Oversight Committee earlier this month requested documents from the CGI listing all its investors.

The hotel was a magnet for activists, ambassadors, and others who wanted to win the favor of the president. Democrats say it tarnishes the president’s reputation, interferes with his financial interests and public interests, and is likely to break the law. But Many lawsuits against his ownership of the lease agreement have been unsuccessful.

The company made about $ 100 million in profits from what it called “record sales.”

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