Womp Womp: GSA Approves Sale Of Shitstain's DC Hotel Lease - Will Become Waldorf Astoria

[hatrack]

The General Services Administration has approved the sale of former president Donald Trump’s D.C. hotel lease to Miami investment fund CGI Merchant Group, the agency said Friday. The agency said it approved CGI as a buyer after reviewing the company’s agreement with Hilton Worldwide, which will turn the hotel into a Waldorf Astoria, as well as the company’s financial capabilities and ability to secure bank financing.

“The confirmation was based on an extensive and exhaustive due diligence review of the documentation provided in support of the proposed assignment,” the agency said in a statement Friday. While GSA’s decision was largely perfunctory, it moves Trump’s business one step closer toward unloading a hotel that became a center of controversy during his presidency — and which has recently draw interest from New York prosecutors looking into whether he misled the government in his initial application for the lease.

EDIT

Although the hotel struggled financially during most of the Trump’s time in office due to his controversial brand, the lease is expected to sell to CGI for $375 million, well beyond most experts’ estimates of what the property is worth. A sale at that price would deliver Trump an estimated profit of more than $100 million, according to analyses by industry analysts.

EDIT

Should he complete the sale, Trump would have to repay Deutsche Bank $170 million he borrowed to build the project. On top of the roughly $3 million he has been paying the GSA annually in base rent, the lease also stipulates that Trump pay a small share of the purchase price to GSA.

EDIT

https://www.washingtonpost.com/business/2022/03/25/gsa-approves-trump-dc-hotel-sale/

[dhol82]

1. So, he's still down 70 million even after the sale.

Nice.

[Achilleaze]

3. Everything the Republican Casino-hustler-in-Chief touches, dies.

Proven truthful verafiable facttoid.

[Botany]

5. So he is $70 million in the hole after it is all said and done?

Business Genius!

[Norbert]

11. America should be run like a business. lol

[Botany]

13. Actually more like $75 million + in the hole .... down thread; He has $5 million in mechanics liens

... from when he redid the building and he owes the GSA some money too.

Link to tweet

[niyad]

2. pity the GSA did not do "due diligence" when F'n, murdering, orange TRAITOR**

was buying it.

More money laundering?

[ProudMNDemocrat]

4. The profit is all on paper, which doesn't mean much.

To what is still owed. Taxes have to be paid on that as well.

[brush]

10. There is no profit. He'll be 70m down after it's all...

Last edited Sat Mar 26, 2022, 11:21 AM - Edit history (1)

over, and that doesn't include the annual 3m rent he's already shelled out and won't get back, plus he has to pay part of the purchase price.

Such a stable genius he is.

[hunter]

6. It's no longer useful to Trump as a money laundering machine.

I'll bet Hilton Worldwide will have to put some serious money into upgrades.

[tanyev]

15. +1. That's all moved to Merde-a-Lago by now.

[Botany]

7. "GSA Approves Sale Of Shitstain's DC Hotel Lease"

AKA TFG has no plans of ever running for President again but he will still grift from his
rubes to give him campaign money.

[Firestorm49]

8. Another bankrupt business venture from "the greatest mind in the world". So sad!

[louis-t]

9. Not one article I have read mentions the $5 million owed to

contractors from when dumbass opened the hotel. There are liens against the property but I'm not sure how it could be collected if the building is not sold. I imagine any financing will require those liens to be paid off, but I don't know that for sure.

[RKP5637]

12. The "Stable Genius" once again has his profits and loses confused. As he lives on the wrong side of

the balance sheet.

[sarcasmo]

14. Trump bankruptcy class, make 100 million owe 170 million. Womp! Womp!