November 5, 2024
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...

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.

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The federal government still owns the location.

CGI paid $375 million for the lease rights, according to The Wall Street Journal.

Should Donald Trump buy back the historic property?

Yes: 64% (9 Votes)

No: 36% (5 Votes)

The Journal reported in February that CGI defaulted on a $285 loan connected with the property.

The Journal report said that higher interest rates and the price CGI paid the Trump Organization were factors in CGI missing its payments.

In February, CGI Chief Executive Raoul Thomas told the Journal he was seeking $100 million to set things right.

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MSD, now BDT & MSD Partners, which gave CGI the loan, now wants to foreclose on the loan, according to Bisnow.

The D.C. Recorder of Deeds filing said an auction is scheduled for June 20.

The sale could have multiple potential outcomes — from a new buyer to BDT & MSD taking control, to a new deal between CGI and the company that provided the loan.

The Trump Organization spent $200 million on the hotel after it won the rights to the lease.

“As a family, it has been an honor and a privilege to redevelop the Nation’s Old Post Office,” Eric Trump said when the hotel was sold, according to the Trump Organization.

“We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world.  We are incredibly proud of what we accomplished, and we wish Waldorf Astoria, Raoul Thomas, and the team at CGI, tremendous success in the years to come,” he said then.


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