Report: Iconic Trump Hotel Struggles Under New Ownership, To Be Sold Next Month
Roughly two years after the Trump Organization sold the Trump International Hotel in Washington, D.C., the buyer is facing foreclosure. The Trump Organization bought the rights to develop what is known as the Old Post…
Roughly two years after the Trump Organization sold the Trump International Hotel in Washington, D.C., the buyer is facing foreclosure.
The Trump Organization bought the rights to develop what is known as the Old Post Office, located a few blocks from the White House, in 2012, according to the Trump Organization’s website.
On May 11, 2022, CGI Merchant Group bought the property, saying it would rebrand it as a Waldorf Astoria.
However, CGI has since defaulted on the mortgage from the deal an affidavit filed with the D.C. Recorder of Deeds said, according to Bisnow.
It says that $252.7 million remains owed.
The federal government still owns the location.
CGI paid $375 million for the lease rights, according to The Wall Street Journal.
The Journal reported in February that CGI defaulted on a $285 loan connected with the property.
The Journal report said that higher interest rates