Feds approve sale of Trump DC hotel lease to Miami investment fund

[CentralMass]

https://thehill.com/blogs/blog-briefing-room/news/599845-feds-approve-sale-of-trump-dc-hotel-lease-to-miami-investment-fund
"The General Services Administration (GSA) approved of the sale of former President Trump's D.C. hotel lease to the Miami investment fund ground CGI Merchant Group.

The agency said Friday that "the confirmation was based on an extensive and exhaustive due diligence review of the documentation provided in support of the proposed assignment."

Trump leased the federally owned Old Post Office building near the White House years ago, but the hotel has recently taken hits with the pandemic and partners pulling out due to the Capitol riot.

The hotel lease is in the process of being bought by the investment group, which includes former New York Yankees player Alex Rodriguez.




The hotel lease is expected to be sold for $375 million, with Eric Trump telling The Associated Press the approval by the GSA was the last step before the deal could be settled.

"GSA based this decision on the strength of the partnership between CGI and Hilton and the parties' commitment to ensuring the success of the future hotel, upon the closing of the transaction, through: (1) executing a long-term property management agreement; (2) providing significant equity; and (3) providing material credit support to assist with securing debt financing," the agency said.

After the deal occurs, Trump's name will be taken off the building and the group will work with Hilton to turn the building into a Waldorf Astoria, according to the AP."

[elleng]

1. ' extensive and exhaustive due diligence review'

I hope.

It's across the street from my old office, and I'll be VERY happy to see 'that' name removed.

[no_hypocrisy]

2. IMO, maybe Trump *won't* run again. No hotel takes away a lot of money and influence.

[FakeNoose]

3. This is the one Chump should have never been allowed to manage

Chump was already elected in 2017 when he was awarded this DC hotel contract.
He should be been immediately disqualified.

[FBaggins]

4. Not quite

The selection of Trump’s organization was in 2012 and the 60 year lease was signed in 2013. The hotel opened with his name a couple of months before the election in 2016.

[FakeNoose]

6. OK I'm sure you're right, but he still should have lost the contract

He used this hotel for shameless grifting the entire time he was in the White House.

[WarGamer]

5. I lived in Georgetown for much of the pandemic...

Took a look at the hotel a few times... absolutely GORGEOUS building and hotel.

Sooooo happy the Trump name will be gone. Ironically... the TRUMP logo was very small on the hotel.

[keithbvadu2]

7. Would love to see the prospectus estimated cash flow now that sycophants and foreign gov'ts won't be

Would love to see the prospectus estimated cash flow now that sycophants and foreign gov'ts won't be buying blocks of unused rooms to curry favor with Dotard.