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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWomp Womp: GSA Approves Sale Of Shitstain's DC Hotel Lease - Will Become Waldorf Astoria
The General Services Administration has approved the sale of former president Donald Trumps 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 companys agreement with Hilton Worldwide, which will turn the hotel into a Waldorf Astoria, as well as the companys 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 GSAs decision was largely perfunctory, it moves Trumps 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 Trumps 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
(9,351 posts)Nice.
Achilleaze
(15,543 posts)Proven truthful verafiable facttoid.
Botany
(70,442 posts)Business Genius!
Norbert
(6,038 posts)Botany
(70,442 posts)niyad
(113,029 posts)was buying it.
More money laundering?
ProudMNDemocrat
(16,699 posts)To what is still owed. Taxes have to be paid on that as well.
brush
(53,733 posts)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
(38,301 posts)I'll bet Hilton Worldwide will have to put some serious money into upgrades.
tanyev
(42,514 posts)Botany
(70,442 posts)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
(4,028 posts)louis-t
(23,266 posts)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
(67,084 posts)the balance sheet.