‘Heavy hearts’: Eric Trump confirms sale of D.C. hotel. Miami firm with A-Rod is buyer
Donald Trump’s organization has sold his Washington, D.C., hotel to Miami-based CGI Merchant Group, a hospitality financial group that counts Alex Rodriguez as an investor.
Eric Trump, executive vice president of The Trump Organization, confirmed the sale to the Miami Herald, saying in an email:
“Heavy hearts all around. I think it’s safe to say no public figure in the history of the United States has been persecuted the way President Trump has.”
The Wall Street Journal first reported the sale Sunday. The Trump name will likely be stripped as the property, which is actually leased from the federal government, is rebranded as a Waldorf Astoria.
CGI, led by investor Raoul Thomas, is aiming to acquire and develop hotels across North America and the Caribbean over the next three years, with a focus on socially conscious investing; it plans to donate 1% of all room revenue to local nonprofit organizations. Earlier this year, it launched a $650 million Hospitality Opportunity Fund, which it used to acquire The Celino South Beach in August.
The deal for the Trump Hotel is said to be worth $375 million. A representative for CGI said the firm had no comment.
The Trump Organization continues to own the nearly 200,000-square-foot Trump National Doral, where losses have reportedly totaled as much as $162 million, according to The New York Times. The land parcel there is now valued at $78 million. During the pandemic, Trump Doral laid off 250 employees.
CGI’s Thomas has contributed to Democrats and Republicans alike, records show: He donated $72,000 to President Joe Biden’s campaign, and the Democratic Party, during the 2020 election; and gave $25,000 to Gov. Ron DeSantis’ PAC in May.
This story was originally published November 15, 2021 at 4:45 PM.
