Trump Organization closes sale of Washington hotel

　　div classBodysc17zpet90 cdBBJodivpReuters – The Trump Organization said on Wednesday that it completed the 375 million sale of the lease on the Trump International Hotel in Washington, D.C. to an investment firm that plans to rebrand the property as the Waldorf Astoria.p

　　pThe business owned by the family of former President Donald Trump bought the rights in 2013 to the hotel, housed inside in the historic Old Post Office Building blocks away from the White House, and renovated it. The building itself is still owned by the federal government.pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pIn March, the U.S. General Services Administration, which acts as the federal governments landlord, approved the sale of the rights by the Trump Organization to Miamibased CGI Merchant Group. p

　　pTrump is projected to gain 100 million from the transaction.p

　　pThe Trump International Hotel served as a gathering point for Trumps supporters and some foreign government officials during his time in the White House. p

　　pDuring his presidency, the hotel became the focus of conflict of interest allegations against Trump and his family. Critics were concerned that outside entities tried to curry favor with Trump by booking stays and spending money at the hotel.p

　　pIn 2016 he was elected president and later handed over daytoday operations of the Trump Organization to two of his sons, though he did not formally divest himself from the business during his term, which ended in early 2021.p

　　pThe Trump Organization and Trump‘s 2017 U.S. presidential inaugural committee recently agreed to pay 750,000 to settle a lawsuit brought by the District of Columbia’s attorney general claiming the familyowned hotel received excessive payments from the committee.p

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　　pp Reporting by Tyler Clifford Editing by Cynthia Ostermanp

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