Miami-based CGI purchased the lease rights from the Trumps for $375 million
As Donald Trump’s real-estate empire comes under pressure from a $355 million civil-fraud verdict, one of its most recent sales looks particularly well timed.
The Trump International Hotel in Washington, D.C., was a favorite Republican meeting spot during the Trump presidency, attracting lobbyists, lawmakers and others with business before the administration. After the Trumps faced criticism that they were flouting government-ethics laws by profiting from the property, they put up for sale the long-term lease rights for the hotel in the former Old Post Office.
In 2022, the Trumps sold those rights to Miami-based investor CGI Merchant Group for $375 million—a price that was tens of millions of dollars more than the other offers, according to people familiar with the matter. CGI rebranded the hotel as a Waldorf Astoria.
This month, the new owner defaulted on a $285 million loan related to the property, according to people familiar with the matter. The missed payments on that loan reflect higher interest rates and the above-market price the firm paid the Trumps, industry executives say.
What are lease rights? They don’t own it but are entitled to collect rent for a certain amount of time?
Lease rights because the building is probably still federal, but the lessee is allowed to operate a hotel and generate revenue from the property.
Looks to be like that- Trump was awarded the lease in 2012 from the General Services Administration which manages federal land. He got the lease by agreeing to invest $200 million into the property, still seems weird someone is going to pay a lease and they’re going to separately pay the previous leasee (Trump) for the right to the lease.
That Trump stink hangs around awhile.
It’s the adult diapers. I worked at a nursing home so I know exactly what Trump smells like
They did have to have a week of cleaning and disinfecting done when Trump left the White House.
And while we want to believe it’s because of Covid, we all know it’s because Dirty Donnie and his Diapers.
https://www.newsweek.com/white-house-disinfected-after-trump-exit-1553725
I get that if you’re a respectable newspaper you can’t just put a footnote: (*) because it was money laundering
But it’s weird that say the whole thing with a straight face while standing so specifically placed so they’re blocking the writing on the wall that says “MONEY LAUNDERING”
That’s weird. And here I thought that stating the facts without a narrative was good reporting.
I cane to the conclusion of “oh, so probably a bribe, then” from the facts. Until someone actually accuses them of crimes, it’s best for the news to just highlight suspicious circumstances.
I thought about investing the effort to construct a Drake meme, captioned with “overpaying for real estate” “campaign contributions” “consulting fee” “fuck it here’s a briefcase full of cash” with all of them set to the “accepting” Drake. But I lost my motivation before I accomplished it.
You should go back and make the effort, don’t let your dreams stay dreams
Trump live Debt counter:
