Trump Organization to sell Washington hotel for $375 mn: US media
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Tuesday
January 31, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
TUESDAY, JANUARY 31, 2023
Trump Organization to sell Washington hotel for $375 mn: US media

USA

BSS/AFP
15 November, 2021, 10:40 am
Last modified: 15 November, 2021, 10:53 am

Related News

  • The Peninsula Chittagong incurs loss in Jul-Dec
  • Capitol riot panel's final report sets out case to try Trump
  • US House committee to release redacted Trump tax filings
  • Trump metal tariffs ruled in breach of global rules by WTO
  • Trump rebuked for call to suspend Constitution over election

Trump Organization to sell Washington hotel for $375 mn: US media

The historic building just a short walk from the White House and down Pennsylvania Avenue from the US Capitol is not owned by the Trump Organization

BSS/AFP
15 November, 2021, 10:40 am
Last modified: 15 November, 2021, 10:53 am
Photo: Collected
Photo: Collected

The Trump Organization has reached a deal to sell its Washington hotel lease for $375 million to CGI Merchant Group, which plans to remove ex-president Donald Trump's name from the luxury property's facade, US media reported Sunday.

The Miami-based investment fund has struck a separate agreement with Hilton Worldwide Holdings to rebrand the Trump International Hotel as a Waldorf Astoria, according to the Wall Street Journal.

Contacted by AFP, CGI declined to comment. The Trump Organization and Hilton group also did not immediately return requests.

The historic building just a short walk from the White House and down Pennsylvania Avenue from the US Capitol is not owned by the Trump Organization.

Once the capital city's main post office, the structure is owned by the US government which in 2013 leased it to Trump's real estate company for 60 years, with an option to extend for another 40 years.

The Trump Organization invested some $200 million in the renovation of the building, which was constructed in the late 19th century and is on the National Register of Historic Places.

According to a report by the House Oversight and Government Reform Committee, the company created to manage the hotel, Trump Old Post Office LLC, incurred more than $71 million in losses between the hotel's opening in 2016 and August 2020. It has never turned a profit.

During Trump's presidency the establishment -- known for its massive atrium and soaring clock tower -- served as a meeting place for Republican officials, donors and lobbyists.

At the time several lawmakers and other figures expressed concern that the 263-room hotel was accommodating foreign dignitaries visiting Washington.

They pointed to a potential conflict of interest for Trump, who was both president of the United States and still a key shareholder in the Trump Organization.

A congressional investigation into the matter is ongoing.

World+Biz

Trump / Washington / Hotel

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • illustration: TBS
    Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
  • Representational photo: TBS
    IMF's blueprint for Bangladesh's upper middle income goal
  • Photo: Screenshot
    ChatGPT explains why a country seeks IMF loan

MOST VIEWED

  • A board displays the status of flights to and from Logan International Airport, amid cancellations and disruptions due to adverse weather and the surge in coronavirus cases caused by the Omicron variant, in Boston, Massachusetts, U.S., January 3, 2022. REUTERS/Brian Snyder
    US airlines cancel over 1,000 flights over winter storm
  • Police officials stand outside 12200 Chessington Drive in southwest Houston, Texas, U.S., April 30, 2021. Dozens of persons were found inside a residence in Southwest Houston, which was initially reported as a kidnapping but prompted police to look into human smuggling, police and local news organizations reported. REUTERS/Adrees Latif
    10 people wounded in Florida mass shooting
  • FILE PHOTO: The South Korean and American flags fly next to each other at Yongin, South Korea, August 23, 2016. Picture taken on August 23, 2016. Courtesy Ken Scar/U.S. Army/Handout via REUTERS/File Photo
    US, S Korea to hold 'tabletop' exercises on nuclear threats
  • A teller counts U.S. dollars at a money changer in Jakarta, Indonesia May 18, 2015. REUTERS/Nyimas Laula/File Photo
    Dollar set for fourth monthly drop as Fed meeting looms
  • People protest against the fatal beating of Black motorist Tyre Nichols by Memphis Police officers, during a rally in Oakland, California, U.S. January 29, 2023. REUTERS/Laure Andrillon
    Memphis fire department fires three employees in Tyre Nichols case
  • People walk outside wearing masks during the coronavirus disease (COVID-19) pandemic in the Harlem area of the Manhattan borough of New York City, New York, U.S., February 10, 2022. REUTERS/Carlo Allegri
    US to end Covid-19 emergency declarations on 11 May

Related News

  • The Peninsula Chittagong incurs loss in Jul-Dec
  • Capitol riot panel's final report sets out case to try Trump
  • US House committee to release redacted Trump tax filings
  • Trump metal tariffs ruled in breach of global rules by WTO
  • Trump rebuked for call to suspend Constitution over election

Features

Photo: Collected

Tips to incorporate sustainable construction

4h | Habitat
Photo: Noor-A-Alam

How did mud walls find their way into urban designs?

6h | Habitat
Spotify is among the tech platforms that saw record growth during Covid lockdowns
Photo: DW

Could tech layoffs spread to rest of US economy?

9h | Panorama
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

9h | Panorama

More Videos from TBS

Sunflower cultivation is becoming popular in Faridpur

Sunflower cultivation is becoming popular in Faridpur

1h | TBS Stories
Is Djokovic the statistical G.O.A.T?

Is Djokovic the statistical G.O.A.T?

3h | TBS SPORTS
Two more factories of the country got platinum certificate.

Two more factories of the country got platinum certificate.

20h | TBS Today
Iconic villains of Bollywood

Iconic villains of Bollywood

21h | TBS Entertainment

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

4
Photo: Collected
Energy

8 Ctg power plants out of production

5
Photo: Saqlain Rizve
Bangladesh

Bangladeshi university students identified as problematic users of Facebook, internet: Study

6
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]