Former President Donald Trump is close to selling his DC hotel for over $ 370 million, according to a report.
CGI Merchant Group, an investment company in Miami, wants to buy it, The Wall Street Journal reported.
It is the same hotel that lost over $ 73 million between 2016 and 2020.
Former President Donald Trump is close to selling his luxury hotel in Washington, DC, for more than $ 370 million, The Wall Street Journal reported on Tuesday.
The lease for the Trump International Hotel can be acquired by the investment company Miami CGI Merchant Group, the report states.
The company has also considered removing the Trump family name from the hotel, the report said.
Located along Pennsylvania Avenue not far from the White House, the hotel has been at the center of a political firestorm over allegations that Trump violated the constitutional decay clause – an anti-corruption rule that prevents officials from receiving gifts or making money in foreign countries. governments – by taking advantage of foreign dignitaries staying at the hotel.
Trump said in financial information that he earned over $ 150 million in revenue from the hotel between 2016 and 2020.
But the Trump International Hotel lost over $ 73 million during that period, documents released Friday by the House Oversight Committee show.
The committee said Trump had to “inject at least $ 24 million to help the struggling hotel” from a holding company owned by the former president himself.
“The committee found that President Trump provided misleading information about Trump Hotel’s financial situation in his annual financial information,” the committee said in a statement. “By submitting these misleading publications, President Trump grossly exaggerated the financial health of Trump Hotels.”
Read the original article on Business Insider