Washington DC Trump Hotel to Remove 'Trump' Name... Sold for 440 Billion Won

Sale to US Investment Firm CGI Merchant Group
Hilton's Luxury Brand Waldorf Astoria Operated

▲Trump International Hotel in Washington DC

[Asia Economy Reporter Kwon Jae-hee] The Trump International Hotel in Washington DC, operated by the family of former U.S. President Donald Trump, is being sold for $375 million (approximately 442.3 billion KRW).

On the 14th (local time), the Wall Street Journal (WSJ), citing sources familiar with the matter, reported that the Trump Organization has finalized negotiations to sell the hotel lease rights to CGI Merchant Group, an investment firm headquartered in Miami.

Although this amount falls short of the $500 million (approximately 589.7 billion KRW) initially proposed by the Trump Organization, it is double the $200 million (approximately 235.9 billion KRW) the group invested to open the hotel.

CGI Merchant Group plans to remove the Trump name from the hotel and hand over its operation to Waldorf Astoria, Hilton's luxury brand hotel chain.

The hotel is housed in a 19th-century post office building owned by the U.S. government.

The Trump Organization leased the property long-term from the U.S. General Services Administration (GSA) in 2013, before Trump took office, under the condition of paying $3 million annually (approximately 353.85 million KRW).

If CGI Merchant Group extends the lease, the rental period is expected to approach 100 years.

This hotel is considered the most valuable among those owned by the Trump family and is recognized as the largest hotel in Washington DC in terms of the number of rooms.

The Trump Organization fully renovated the building and reopened it as a luxury hotel just before the 2016 presidential election.

The hotel prospered during former President Trump's tenure but suffered financially after the COVID-19 pandemic.

Since its opening in 2016, Trump International Hotel is reported to have accumulated losses of $70 million (approximately 82.5 billion KRW).

This content was produced with the assistance of AI translation services.