Trump’s sale of D.C. hotel proved prescient as new owner defaults on loan
Trump’s sale of D.C. hotel proved prescient as new owner defaults on loan
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.
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"
because it was money laundering
I prefer to think of it as a bribe.
if you're a respectable newspaper
WSJ hasn't met the criteria for that in a while. At least since Rupert bought it.
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 think they did choose a narrative. "Prescient" is a narrative.
"Hotel formerly owner by former president now goes bankrupt" would be the more factual reporting.
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
Verified, as per Kinzinger: ”take armpits, ketchup, a butt, and makeup, and put that … in a blender”
No matter how hard you try, you just can't seem to get it out of the carpets.
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
The security sweep must have been intensive.
Trump live Debt counter:
Woo! 10/10 on the true false game! Lmao
9/10. I dropped the ball on height and weight. I wasn't thinking straight...
"Corruption machine stops generating money when it's no longer a corruption machine."
The trump crime family?
Fred Trump made his money as a NY slum lord, which isn't technically illegal even if it's scummy as hell. What was illegal though was all the tax fraud and embezzlement he committed along the way. Dude practically wrote the book on tax fraud and exploiting tax loopholes. Taught every dirty trick he knew to his kids. His daughter was a crooked judge who stepped down rather than being disbarred for, wait for it, fraudulent tax and financial transactions. Donald on the other hand was the dumber of the two, he learned all the lessons on grifting and financial crime, but never really picked up his dads business savvy that let him actually make money. Donald has just been chewing through everything Fred left him on one failed business venture after another. If the Russian mafia hadn't bailed him out in the 90s he would have been completely broke by this point.
No the rapists, or rather the rape supporting family.
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.
It's probably a commercial lease that they can sub lease or something like that
It seems like Trump's decision to sell the lease rights of the D.C. hotel to CGI Merchant Group for $375 million was a savvy move, especially given the recent default on the property's loan by the new owner. The timing of the sale appears particularly prescient in light of the financial pressures facing Trump's real estate ventures. This turn of events underscores the complexity of real estate transactions and the potential risks involved, even for seasoned investors. Loans Like OppLoans are becoming way more popular to use due to all this money hacking problems.