One of Washington D.C.’s most iconic buildings, located just blocks from the White House, is set to be sold at a foreclosure auction next month. The Waldorf Astoria, formerly the Trump International Hotel at the Old Post Office, is at the center of financial turmoil with its new owners struggling to turn a profit like Trump did.
The owner, Miami-based CGI Merchant Group, has defaulted on the mortgage tied to the leasehold of the property, according to an affidavit filed with the D.C. Recorder of Deeds.
The Trump Organization originally leased the historic building from the federal government in 2012, spending $200 million to convert it into a luxury hotel. The Trump International Hotel opened in September 2016 , months before Donald Trump took office. In 2022, CGI Merchant Group acquired the lease from The Trump Organization for $375 million, significantly more than the next highest bid, allowing Trump to profit […]
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