(PatrioticPost.com)- The Trump Organization will officially sell the hotel it owns in Washington, D.C., after they notified the General Services Administration of the plans to do so.
A spokesperson for the GSA recently said the agency “has been formally notified of the proposed transfer and is committed to conducting a thorough review to ensure compliance with all legal and contractual requirements.”
Last month, reports surfaced that CGI Merchant Group had agreed to acquire the Trump International Hotel for $375 million from the Trump Organization. CGI is an investment firm that’s based in Miami.
The group also apparently has come to agreement with Hilton Worldwide Holdings to re-brand the hotel, removing Trump’s name from the property in the process. Once the deal is finalized, the hotel will be run by the Waldorf Astoria group of the Hilton company.
The Wall Street Journal has reported that the sale is expected to be finalized in early 2022.
The role of the GSA is to review and approve all of the agreement’s details before the sale can proceed. They make sure CGI is a qualified buyer, because the deal involves federal property. The hotel is located inside the Old Post Office, which the federal government still owns.
In 45 days, the GSA has to review all the deal’s terms and then determine whether CGI is a qualified buyer. But, that process won’t begin until the GSA is provided with every piece of information it needs to review the case.
Among the things the GSA will analyze are whether CGI is authorized to operate in Washington, D.C., whether it will use the property as a luxury hotel, what its business reputation is, and if it has a history of successfully running and operating a full-service hotel of high quality.
It will also analyze if the company has the ability to run properties such as this that have historical significance, whether it has the financial capacity to do so, and whether it meets a specific requirement for liquidity access.
The hotel is located on Pennsylvania Avenue. It was first opened by the Trump Organization back in 2016.
In the last few years, the Oversight and Reform Committee in the House has been examining whether there were potential conflicts of interest that existed when former President Donald Trump was in office.
The committee is apparently also analyzing how the lease for the Trump hotel was managed by the GSA. Even though the deal was arranged and publicly announced before Trump himself announce he would be running for president in 2016, the House committee still wants to learn how the former president handled any potential conflict of interest once he entered the White House.
Some Democrats have asserted for years that the former president hid a huge amount of his debt during the initial bidding process for the hotel. They claim he omitted balances on loans he owned for estates located in San Francisco, New York, Las Vegas and Chicago so his finances looked better.