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Former Trump International Hotel in DC Headed to Foreclosure Auction

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Former Trump International Hotel in DC Headed to Foreclosure Auction


CGI Merchant Group’s Waldorf Astoria hotel in Washington, D.C. is headed to a foreclosure auction in June after months of financial difficulties.

Chicago-based BDT & MSD Partners, the main lender of $285 million in financing backed by the hotel, filed an affidavit of nonresidential mortgage foreclosure on Friday, according to the Business Journals, which cited records filed with the D.C. Recorder of Deeds. The auction is scheduled for June 20 at the District office of Alex Cooper Auctioneers.

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Miami-based CGI defaulted on $252.7 million in outstanding debt on the property earlier this year. CGI, in partnership with Hilton, purchased a leasehold on the 269-room hotel, at 1100 Pennsylvania Avenue NW, in 2022 for $375 million from former President Donald Trump. Within a month of acquiring the hotel, CGI rebranded it from the Trump International Hotel to the Waldorf Astoria.

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“CGI is engaged in productive discussions with the property’s manager, Hilton, and several other parties who want to reach a consensual financing solution that reflects the realities of today’s challenging, rising rate environment,” a CGI spokesperson told Commercial Observer in a statement. “MSD’s unilateral decision to file a foreclosure notice is inconsistent with the discussions and possibly invalid. Although our goal is to continue advancing constructive negotiations with all parties, including MSD, we’re prepared to take all necessary steps to protect the rights of CGI and its partners.”

Representatives for BDT & MSD did not immediately respond to a request for comment. 

The hotel is located within D.C.’s historic Old Post Office, which remains one of the tallest buildings in the District. The federal government in 2012 leased the property on a 60-year term to the Trump Organization, which then spent some $200 million renovating it into a luxury hotel. 

The Trump International Hotel opened in 2016 just a few months before Trump was elected president. It was a source of controversy while Trump was in office because his family profited from the hotel, which was often visited by foreign dignitaries and their entourages.

Trump is currently facing a $355 million penalty for real estate fraud, with the hotel being one of the assets implicated in the case. The New York judge in that case ruled that he won the contract from the General Services Administration due to false information, rendering Trump and his children liable for the profit he received from the property. 

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Just because the foreclosure auction is set for the Waldorf Astoria, however, does not mean that its sale is a foregone conclusion. Before the auction was announced, CGI was in the midst of negotiating a $75 million capital infusion into the property from Mavik Capital Management — and it’s possible that CGI and MSD Partners could reach a new deal before the June 20 deadline. 

“Mavik has not reached a definitive agreement to provide rescue capital to restructure the property’s balance sheet,” a Mavik spokesperson told Commercial Observer. “If the parties decide they want a consensual resolution, we will reengage and anchor a constructive outcome.”

Nick Trombola can be reached at ntrombola@commercialobserver.com.



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Washington, D.C

Events from Across the Smithsonian's Museums and Zoo

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Events from Across the Smithsonian's Museums and Zoo


Today, Friday, January 19, the following Smithsonian museums in Washington, D.C., are open: 

  • National Air and Space Museum
  • National Museum of African American History and Culture
  • National Museum of American History
  • National Museum of Natural History
  • Steven F. Udvar-Hazy Center, Virginia

All other D.C. museums, including the National Zoo, are closed today. 



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Here's the average school teacher salary in DC, Maryland & Virginia

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Here's the average school teacher salary in DC, Maryland & Virginia


FILE – Children listen to their teacher as they sit in a classroom on the first day of the start of the school year on Sept. 2, 2019. (Photo by MARTIN BUREAU/AFP via Getty Images)

The average salary of teachers in D.C. has been ranked in the top five average salaries in the country.

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On average, D.C. teachers pulled in $84,882 for the 2023-2024 school year. Maryland teachers averaged a salary of $79,420. Virginia teachers averaged a salary of $63,103.

Several counties across the D.C. area continue to battle widespread teacher shortages. 

Before the start of the 2023 -2024 school year, Fairfax County Public Schools says it has fewer than 100 teacher vacancies. Montgomery County Public Schools says they have 180 full-time open teacher positions, and D.C. Public Schools has 106 outstanding teacher vacancies.

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Teacher salary average:

The national average starting teacher salary in 2024 was $44,530, according to the NEA. 

The national average teacher salary in 2024 was $69,544, according to the NEA. 

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Here’s how that compares across the country:

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According to the National Education Association (NEA), the nation’s largest teachers union, on average, teachers are making 5% less than they did 10 years ago.

States with the highest average teacher salaries: 

California ($95,160)

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New York ($92,696)

Massachusetts ($92,307)

Washington ($86,804)

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District of Columbia ($84,882)

States with the lowest average teacher salaries: 

West Virginia ($52,870)

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Florida ($53,098)

South Dakota ($53,153) 

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Mississippi ($53,354) 

Missouri ($53,999)



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Predicition: Montreal vs DC United – Soccer News

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Verdict: Home win

Best odds: 151/100

Bookmaker: ZetBet

 

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Following a slow start of the campaign, Montreal welcomes DC United searching for the first win since mid-April. The game will be played at the Saputo Stadium where over 23,000 fans will push the local side towards the 4th win of the season.

Montreal

After an incredible start that saw Montreal undefeated in the opening three rounds, the hosts strangely slowed down in the following games. After their victory over Lionel Messi’s Inter Miami, the Canadian team seemed like a serious contender for the Eastern Conference title.

Nevertheless, the first indication of the host’s defensive issues came with the strange downturn that followed as Montreal lost each of their next three games. Even though they led against Chicago Fire at halftime, Montreal’s second-half collapse caused them to lose 4–3, recording the first loss of the season. The visits to DC United and Seattle were even more disastrous for Laurent Courtois’s team, losing both games without scoring (1-0 against DC United and 5-0 against Seattle).

The hosts of this match thus dropped to 13th place following poor performances, seven points outside the play-offs. With four losses in the previous five games, Montreal’s below-expected results persisted, making it difficult for the team to compete at a high level owing to unresolved defensive concerns. Nevertheless, after the humiliating 5-1 loss at Toronto, Courtois made some tactical adjustments that paid off in the most recent goalless draw at home versus Nashville.

After a dismal start to the season and a difficult schedule ahead, Montreal has to defeat DC United to avoid elimination from the play-offs early on. Furthermore, Montreal, who failed to win any of their last four games against the Capital team, have always found the visitors a formidable foe.

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Team News

The strikers for Montreal were out for weeks owing to injury, which contributed to the lack of goals scored in the recent games. Both Matias Coccaro and Joseph Martinez will be out for an extended length of time due to knee injuries. In addition, Lassi Lapallainen entered the recovery room through groin issues.

DC United

An excellent start with a single defeat in the first seven rounds had the hosts dreaming of the quarter-finals of the play-offs. However, the inability to close games which led to many points dropped sent DC United to 9th place, four points behind their target. Still, with 18 points from 15 games (W4D6L5), the away side is positioned in the last spot that leads to the round of 16.

Starting May undefeated with a spectacular home stalemate against Philadelphia (2-2) followed by a statement win at Atlanta United (3-2),  the run was ended by New York Red Bulls who punished the hosts with a comprehensive 4-1 win. Following the heavy blow suffered in that match, DC United travelled to Miami to face Messi & Co. with few expectations considering the current leader’s impressive form.

Despite dominating the game from start to finish, Inter Miami narrowly edged DC United with a late goal scored in the 90th minute by Leonardo Campagna, inflicting Troy Lesesne’s team with the 5th defeat in the league. With an upcoming difficult schedule and Orlando City looking to explore any slip, DC United must repeat the latest two displays at Montreal when they left the pitch with all three points.

Team News

Central midfielder Rusell Canouse has been out with illness since the end of March and will not play against Montreal. Lesesne is expected to dispatch Ibrahim Sunusi upfront with the young Nigerian striker scoring against Toronto.

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Key factors to consider

  • Montreal disappointed their fans this season after registering a single home win (2-1 against Cincinnati)
  • The hosts are in free fall suffering four defeats in the last five rounds
  • Laurent Courtouis’s team conceded 15 goals in the last five games
  • DC United are well positioned in a play-off spot with 18 points after playing 15 rounds
  • Despite struggling on the road, the visitors proved to be difficult to defeat away from home (W1D4L2)
  • Troy Lesesne’s team has an excellent recent away record against Montreal (W2)

Conclusion

Montreal have all the attributes required to get back on track with a win against DC United. Although the visitors are slightly better positioned in the standings, their recent results display a fall that Montreal should be capable of exploiting.

Verdict: Home win

Best odds: 151/100

Bookmaker: ZetBet



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