Trump Organization formally notifies GSA of plans to sell DC hotel
The Trump Organization has formally notified the General Services Administration (GSA) of its plans to sell its hotel in Washington, D.C., one month after reports surfaced that the company had reached an agreement to sell the rights to the property for hundreds of millions of dollars.
A spokesperson for the GSA told The Hill that the agency “has been formally notified of the proposed transfer and is committed to conducting a thorough review to ensure compliance with all legal and contractual requirements.”
The GSA’s announcement comes one month after a number of news organizations reported that the Trump Organization had
reached a $375 million agreement with CGI Merchant Group, a Miami-based investment firm, to lease the Trump International Hotel in Washington, D.C.
CGI Merchant Group also reportedly entered into a deal with Hilton Worldwide Holdings, Inc. to rebrand the facility and remove the Trump name from the property. Once the deal goes through, Hilton’s Waldorf Astoria group will preside over the property.
Democrats have asserted that Trump hid a significant amount of debt during the GSA’s initial bidding process for the hotel and falsely cushioned his finances by omitting loan balances that he owned for his estates in Chicago, Las Vegas, New York and San Francisco.
They have also contended that Deutsche Bank showed Trump special treatment by letting him put off some payments for the $170 million loan on the hotel.
The Trump Organization has formally notified the General Services Administration (GSA) of its plans to sell its hotel in Washington, D.C., one month after reports surfaced that the company had reac…
thehill.com