Former US President Donald Trump’s Trump organization is going to sell a hotel in Washington. The organization has already reached a 3.5 billion deal to sell the Trump International Hotel. According to a BBC Online report, the Trump International Hotel will be renamed Waldorf Astoria and will be operated by the Hilton Group after the sale.
A U.S. congressional hearing last month found that the hotel had suffered seven business losses during Donald Trump’s presidency.
The hotel was opened to the public in September 2016. The hotel building was leased by the Trump Organization for 60 years. However, from 2019, they started looking for buyers to sell it. The deal with Miami-based investment firm CGI Merchant Group is expected to be finalized by the first quarter of next year.
The 120-year-old building is located on Pennsylvania Avenue, less than a mile from the White House. It was the historic Old Post Office building. It was approved by the Trump Organization in 2012. Four years later, Trump opened it as a hotel in 2016, just weeks after accepting the Republican nomination for the presidency. During Trump’s presidency, the hotel became popular with Republicans in the city. However, there has been a lot of controversy over the hotel for some time.
In 2016, religious leaders called for the hotel’s liquor license to be revoked. They claimed that its owner was not a person of good character.
A recent congressional hearing found that Trump’s hotel profits were “exaggerated.” He said the hotel had earned ১৫ 150 million during his presidency. However, the investigation shows that the hotel has incurred a loss of 70 million dollars, not profit.