December 5, 2022

Raven Tribune

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After millions of losses: Trump abandons bankrupt hotel in Washington

After the loss of millions
Trump abandons broken hotel in Washington

After Donald Trump’s election victory, his hotel in Washington became a popular meeting place for his supporters. But in recent years the luxury hotel has been ruined. Now the Trump team is giving up business for a million euros.

Former US President Donald Trump’s Trump organization is transferring the lease of a luxury hotel in Washington to another hotel group. According to several US media outlets, the lease will be transferred to CGI Merchant Group for $ 375 million. Accordingly, CGI has signed another agreement with the Hilton Group, which intends to run the Trump International Hotel under this name through its subsidiary Waldorf Astoria.

The building, which housed the headquarters of the American Post Office in the capital in the late 19th century, is adjacent to the White House and is state-owned. In 2013 he leased it to the Trump organization for at least 60 years. The company is said to have invested about $ 200 million in the renovation.

Trump Old Post Office LLC, which was set up to operate the hotel, has lost more than $ 71 million since the hotel opened in 2016 until the end of August 2020, according to a U.S. House of Representatives report. In the spring of 2020, the committee sought to obtain a rent waiver from the government as a result of the Corona crisis.

After Trump’s election victory in 2016, the good 250-room hotel became an important meeting place for Republican politicians and campaigners. The repeated stay of foreign state guests during a visit to Washington had drawn criticism. The commission of inquiry has not yet finalized its report on whether Trump, as head and partner of the Trump organization, is subject to a conflict of interest.

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