A $375 million ground lease transformed Washington's Old Post Office into a Waldorf Astoria; 2 years after acquisition, foreclosure ended the investor's control of the property
A $375 million transaction changed the identity of Washington, D.C.’s Old Post Office building, moving the property from the Trump International Hotel toward a Waldorf Astoria managed by Hilton. The deal involved Miami-based CGI Merchant Group, founded by Raoul Thomas, who had planned to pay no more than $350 million…
The Economic Times ·