Trump sells Washington hotel to Miami-based investor group
Many hotel brokers, owners and consultants did not expect the 263-room hotel down the street from the White House to fetch such a high price. The hotel lost more than $70 milllion during the four years of Trump’s presidency, including in each year before pandemic shut downs.
The high price of the hotel, which is equivalent to more than $1.4million per room, has been under scrutiny by Democratic lawmakers. The U.S. House Oversight Committee requested documents from CGI to list all its investors earlier this month.
The hotel attracted diplomats, lobbyists and other people who wanted to win favor with the president. Democrats claimed that it damaged the presidency’s reputation, pitted his financial interests against the public interest, and possibly even broke the law. Many lawsuits challenging his ownership were unsuccessful.
The hotel is the former Old Post Office Building, and it remains formally owned by federal government. The Trump Organization was granted rights to the hotel and paid the annual rent and cut of profit.
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