this post was submitted on 26 Feb 2024
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Miami-based CGI purchased the lease rights from the Trumps for $375 million

As Donald Trump’s real-estate empire comes under pressure from a $355 million civil-fraud verdict, one of its most recent sales looks particularly well timed.

The Trump International Hotel in Washington, D.C., was a favorite Republican meeting spot during the Trump presidency, attracting lobbyists, lawmakers and others with business before the administration. After the Trumps faced criticism that they were flouting government-ethics laws by profiting from the property, they put up for sale the long-term lease rights for the hotel in the former Old Post Office.

In 2022, the Trumps sold those rights to Miami-based investor CGI Merchant Group for $375 million—a price that was tens of millions of dollars more than the other offers, according to people familiar with the matter. CGI rebranded the hotel as a Waldorf Astoria.

This month, the new owner defaulted on a $285 million loan related to the property, according to people familiar with the matter. The missed payments on that loan reflect higher interest rates and the above-market price the firm paid the Trumps, industry executives say.

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[–] Jakdracula@lemmy.world 27 points 2 years ago* (last edited 2 years ago) (1 children)
[–] cm0002@lemmy.world 12 points 2 years ago (1 children)

Woo! 10/10 on the true false game! Lmao

[–] fraksken 1 points 2 years ago

9/10. I dropped the ball on height and weight. I wasn't thinking straight...