CGI Merchant Group is a Miami-based investment firm in contract to buy the hotel lease Donald Trump’s family hotel. Washington, DC, hotel which is located a short walk to the Pennsylvania Avenue from White House. According to reports, CGI Merchant Group intends to remove the name of Trump from the hotel, and they have already sealed a deal with Hilton Worldwide Holdings Inc. to have the hotel be managed and branded by the Waldorf Astoria group of Hilton.
However, the federal government currently owns the hotel can run up to 100 years with lease extensions. It is located at the former Old Post Office and now houses a few of the largest guest rooms in the country’s capital. According to sources, the sale will be finalized in the first quarter of next year. Currently, the hotel is being investigated by the Democratic-controlled House committees and has hearings held about the possible conflicts of interest surrounding former President Trump.
A post shared by President Donald J. Trump (@realdonaldtrump)
RELATED: Donald Trump Launches A New Social-Media Company With Plans To Go Public Via SPAC
The hotel has been struggling to make money because of the ethical scrutiny surrounding Trump’s family. As a result, even though the property drew steady crowds of lawmakers, lobbyists, and Trump supporters, it fell short. The lease sale of the hotel that currently operates out of the landmark of the federal building in Pennsylvania Avenue comes after a few years of financial losses on the property, which was only opened in the year 2016 before Trump was even elected President.
A post shared by President Donald J. Trump (@realdonaldtrump)
Before the sale even happens, it must be approved by the General Services Administration, which is the federal agency that controls the property. From the time of the hotel’s opening, it has already drawn crowds of a lot of Trump supporters and some favor seekers. It is indeed a great bridge between two of his worlds; the Trump hotel is just five blocks away from the White House. However, the gray area between Trump’s presidency and Trump’s business has been one of the causes of attacks from the congressional Democrats claiming that he used his property as his hub as an influence-peddling operation.
In addition, the former President’s critics have filed lawsuits against him, claiming that the business from the hotel was from the foreign governments, which have violated the emoluments clause of the Constitution. This prohibits the federal officials from even taking gifts and even payments from the other government.
READ NEXT: The Billionaire Bunker: Inside Ivanka Trump’s $24 Million Mansion
Sources: NY Times, Wall Street Journal, Deccan Herald
Source: Read Full Article
