July 15, 2024

Trump sells DC hotel with shady history

The Trump International Hotel is located in a century-old historic building in downtown Washington, which belongs to the US government but can be leased for up to 100 years. The hotel is said to have become popular with Trump supporters.

Trump is off Forbes’ top 400 richest list, elating critics...but he’s still worth billions Trump is off Forbes’ top 400 richest list, elating critics…but he’s still worth billions

However, despite Trump’s claim that it brought in around $150 million during his time in office, government documents show the property lost the former president more than $70 million.

An oversight committee of Congress also found that the hotel received around $3.7 million in payments from foreign governments, which could be viewed as a potential conflict of interest.

Still, the rights to the hotel will now bring in $375 million for Trump’s company, the Wall Street Journal reported on Sunday, citing insiders.

The buyer is Miami-based investment firm CGI Merchant Group, which plans to remove the Trump name from the property and have it managed and branded by Hilton’s Waldorf Astoria group.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/540276-trump-sells-hotel-washington/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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