According to people familiar with the matter, Trump’s family hotel company has reached an agreement to sell the rights to its Washington, D.C., hotel for $375 million.
On Wednesday, the Trump Organization announced that it had closed on a $375 million sale of the Trump International Hotel, a magnet for both lobbyists and ethics scrutiny during the Trump administration.
The company made an estimated $100 million profit off what it called a “record-breaking sale,” despite a congressional committee’s finding that the property near the White House lost more than $70 million while former President Donald Trump was in office.
“We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world. We are incredibly proud of what we accomplished.”
The property’s lease was purchased by the CGI Merchant Group, which will rebrand the hotel as a Waldorf Astoria.
The Trump Organization initially won the right to lease and refurbish the Old Post Office building on Pennsylvania Avenue NW from the General Services Administration in 2012.
More details of this story from 100 Percent fed up:
A beautiful landmark building, the Trump International Hotel was transformed from an old post office into downtown D.C.’s only Forbes 5-star hotel in just three years and has been awarded many #1 awards and designations.
The CGI Merchant Group, based in Miami, reportedly plans to convert the hotel over to the Hilton Corporation’s Waldorf Astoria brand.
While critics of President Trump believed that the Trump brand would be damaged by all of the slander and libel lobbied against him, the success of this hotel, and the ability to sell it for such a substantial profit, serves as proof to the contrary. If anything, President Trump and his family’s brand are as strong as ever as they continue to turn profit and make successful business decisions. This sale alone, of a largely profitable hotel, is estimated to bring in additional profit of $100 million.
This chapter of the hotel’s story may be over, however the beautiful building did wonderfully under the Trump brand in their pursuit of excellence. The new owners will find themselves left in a great position due to the reputation the building has accumulated under the Trump family’s ownership
Source: 100percentfedup