Renting a hotel in Washington, D.C., run by Donald Trump’s family’s presidency, a symbol of corruption for Republicans and critics of his power, his family’s company was sold to an investor in Miami.
The Trump Organization said Wednesday it has completed a long-term lease on the Trump International Hotel to the Miami-based CGI Merchant Group at a record price for the city.
Sources close to the deal, who asked to remain anonymous to discuss the private deal, say the price was $ 375 million, giving the Trump family’s business a profit of probably $ 100 million.
The new owners planned to remove Trump’s name from the front and rename the hotel Waldorf Astoria. Workers were seen removing signs from the hotel Wednesday night.
Earlier this year, the Associated Press reported that the group of investors includes former slash of Yankee Alex Rodriguez.
The sale price lived up to expectations
Many hotel brokers, owners, and consultants did not expect the 263-room hotel beyond the White House to be so expensive. The hotel lost more than $ 70 million during the four years of Trump’s presidency, including every year until the outbreak.
The former president’s son Eric Trump said on Wednesday that the Trump Organization had taken the “dilapidated, underused building and turned it into one of the most famous hotels in the world.” He hailed “the biggest sale of a historic hotel in 15 years.”
Democrats in Congress are questioning the deal, which is worth more than $ 1.4 million per room. Carolyn Melloni, chairwoman of the House of Representatives, on Wednesday described it as “the latest in a long line of suspicious deals, conflicts of interest and constitutional violations involving former President Trump’s hotel in Washington.”
“The former president will personally make tens of millions of dollars in profits by selling his rent at a significant premium at market rates, but the American public still does not know who is paying for this deal,” Malone said.
The Trump Hotel in Washington has always been an open conflict of interest. This sale ends the era of corruption. I am currently working on legislation that will not allow in the future #POTUS: benefit from it. a kind of arrangement. https://t.co/5kvUZAYYFY:
The committee requested documents from CGI earlier this month listing all its investors.
Democrats also want to ensure stricter, more enforced laws related to the future president’s business.
Trump has just settled the hotel case
The hotel was a magnet for lobbyists, diplomats and others seeking the president’s favor. Democrats say it tarnishes the president’s reputation, pits his financial interests against the public interest, and may be breaking the law. Several lawsuits challenging his lease were unsuccessful.
“The Trump Hotel will live as an eye on government ethics,” the Citizens for Accountability in Washington monitoring group said Thursday.
The controversy started from the beginning of his presidency. The US Attorney General claimed in the lawsuit that the inauguration committee of Trump’s President had overpaid for the events held at the hotel, in the process enriched the family of the former president.
The committee raised an unprecedented $ 107 million to celebrate Trump’s inauguration in January 2017.
Last week, Attorney General Carl Racine announced that an agreement had been reached on the lawsuit, under which Trump’s organization’s committee would pay $ 750,000.
Hours later, Trump criticized Racine, saying the settlement did not involve admission of guilt or responsibility.
The hotel is the building of the former Old Post Office, which is still officially owned by the federal government. The Trump Organization won the right to renovate the building as a hotel in exchange for a reduction in the government’s annual rental profit.
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