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Trump Organization closes sale of Washington hotel -Breaking


© Reuters. FILE PHOTO – The Trump International Hotel can be seen in Washington on September 28th 2020. REUTERS/Erin Scott


(Reuters) – The Trump Organization announced Wednesday that the 375 million dollar sale of its leasehold on Trump International Hotel Washington, D.C. was completed to an investor firm. They plan to rebrand it as Waldorf Astoria.

Trump’s family owned the business and bought the rights to the hotel in 2013. It was located within the Old Post Office Building just blocks from Trump’s White House. Federal government still owns the building.

The U.S. General Services Administration which is the federal government’s landlord approved, in March, that the Trump Organization sell the rights to Miami-based CGI Merchant Group.

Trump stands to make $100 million off the deal.

Trump International Hotel was a meeting place for his supporters as well as foreign officials, during Trump’s time at the White House.

Trump’s presidency saw the hotel become the center of conflicts of interest claims against him and his family. The hotel was the focus of criticism from critics who feared that Trump’s associates would book stays at the hotel and spend money there.

He was elected President in 2016. Two of his children took over the day-to-day operation of Trump Organization. However, he didn’t officially divest from the company during his term which ended early 2021.

Trump Organization and Trump’s U.S. Presidential Inaugural Committee 2017 recently reached an agreement to pay $750,000 in settlement to a suit brought by the District of Columbia attorney general alleging that the hotel owned by Trump family received exorbitant payments from the committee.