Former US President Donald Trump is close to selling his luxury hotel in Washington to Trump International, writes The Wall Street Journal, citing sources familiar with the details of the deal.
According to the newspaper, the hotel wants to acquire an investment company from Miami CGI Merchant Group, negotiations on the purchase of rights to use the building are at an “advanced” stage. The transaction amount may exceed $ 370 million.
The 5-star Trump International Hotel was opened in September 2016. It is located in the center of Washington in a historic building from 1899, which was formerly occupied by the General Post Office. The holding company of the former president of the Trump Organization received the lease rights for the building in 2012 on the condition of paying $ 3 million a year for 60 years, and another $ 200 million was invested in its renovation. Last year, CNBC reported that Trump wanted to sell the hotel for $ 500 million, but potential buyers offered to pay less than $ 250 million.
Last week, the House of Representatives Committee on Oversight and Political Reform issued a report according to which Trump has provided the government with inaccurate information about the hotel’s financial situation for years. He claimed that during his tenure as president, the hotel earned at least $ 150 million, but congressmen found out that during 2016-2020. she has accumulated over $ 70 million in losses.
In addition, parliamentarians accused Trump of hiding a “potential conflict of interest” as his hotel allegedly received millions of dollars from foreign governments in payments and loan deferrals while he was borrowing for the establishment.
The Trump Organization, which manages Trump’s assets, called the congressmen’s report “false and misleading.” The company also complained about political persecution.
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