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Feds approve sale of Trump DC hotel to
Miami investment fund

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Posted By: earlybird, 3/26/2022 12:09:56 PM

The General Services Administration (GSA) approved of the sale of former President Trump’s D.C. hotel to the Miami investment fund ground CGI Merchant Group. The agency said Friday that “the confirmation was based on an extensive and exhaustive due diligence review of the documentation provided in support of the proposed assignment.” Trump bought the federally owned Old Post Office building near the White House years ago, but the hotel has recently taken hits with the pandemic and partners pulling out due to the Capitol riot. The hotel is in the process of being bought by the investment group, which includes former New York Yankees player Alex Rodriguez.

Comments:

It will never be run like Trump ran it, but the timing for getting out seems very good.

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Reply 1 - Posted by: antidem 3/26/2022 12:16:04 PM (No. 1110661)
The Art of the Deal.
3 people like this.

Reply 2 - Posted by: Birddog 3/26/2022 12:33:22 PM (No. 1110679)
Uhmmm...story is either misleading or a bigger "Deal" than they are saying it is. The Building is a Govt owned, National Historic/Landmark Site. Trump only has a lease.
2 people like this.

Reply 3 - Posted by: Birddog 3/26/2022 12:34:54 PM (No. 1110682)
In fact, many of the attacks against Trump and the Hotel were based upon "The President Profiting from Govt Property"
0 people like this.

Reply 4 - Posted by: lakerman1 3/26/2022 1:58:16 PM (No. 1110773)
Good catch, #2. I was doubting myself until I read your post. Will the deal allow the new lease owners be allowed to use the Trump name, in any fashion? That is where the value resides.
1 person likes this.

Reply 5 - Posted by: bad-hair 3/26/2022 2:03:29 PM (No. 1110779)
You don't suppose Trump has a small part of the investment firm that's borrowing money cheap to buy back his own hotel before interest rates go through the roof ? Print another 2 TRILLION joe.
1 person likes this.

Reply 6 - Posted by: earlybird 3/26/2022 2:37:00 PM (No. 1110798)
Clarification: The Trump Hotel is one major step closer to changing hands, now that the General Services Administration has cleared a buyer for the lease to the historic federal building. GSA on Friday approved CGI Hospitality Group as a “qualified transferee,” the agency said in a press release, after an extensive internal and third-party review. CGI and Hilton Worldwide Holdings plan to convert the building, known as the Old Post Office, into a Waldorf Astoria luxury hotel. After the transfer of the contract, CGI will assume responsibility for the terms and conditions of the lease. “GSA based this decision on the strength of the partnership between CGI and Hilton and the parties’ commitment to ensuring the success of the future hotel,” the agency said in a press release. https://federalnewsnetwork.com/leasing-property-management/2022/03/gsa-approves-sale-of-trump-hotel-lease-after-years-of-scrutiny-from-watchdogs/ This article contains more facts, history, etc., for those who are really interested.
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