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”
I prefer to think of it as a bribe.
I thought about investing the effort to construct a Drake meme, captioned with “overpaying for real estate” “campaign contributions” “consulting fee” “fuck it here’s a briefcase full of cash” with all of them set to the “accepting” Drake. But I lost my motivation before I accomplished it.
You should go back and make the effort, don’t let your dreams stay dreams
Don’t let your memes stay dreams
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.
There needs to be a version of this rewritten to “It’s not money laundering!” the reasoning is about the same.