Donald Trump’s Washington DC Hotel Could Reportedly Sell For $375 Million
Image ID 167373496 © via Candace Beckwith | Dreamstime.com
The Trump Organization has agreed to sell its International Hotel in Washington DC for US$375 million, as per a report by The Wall Street Journal.
The landmark, which was once used as a meeting spot for former US president Donald Trump’s staff and lawmakers, is currently undergoing an investigation by the House Committee on Oversight and Reform. The committee is working on determining if there were conflicts of interests during Trump’s time in office, in which he served as the property’s landlord as well as tenant.
It appears that investment firm CGI Merchant Group will be purchasing the property, though the hotel, which is owned by the government, will be turned into a Hilton Waldorf Astoria. However, according to Forbes, property experts have valued the location at between US$105 million and US$205 million, much lower than the agreed upon price.
Trump’s three oldest children, Ivanka, Jared, and Eric, reportedly each have a 7.5% stake in the hotel’s lease. This would mean that if the hotel does go for the rumored price tag, each of them will stand to gain approximately US$15 million in the buyout.
Both CGI Merchant Group and Trump have yet to comment on the matter, though insiders expect the sale to be finalized by early 2022.
[via Forbes, cover image via Candace Beckwith | Dreamstime.com]
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