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Washington DC & Mid-Atlantic  + DC  + Hospitality  |  October 28, 2024
Jasmine Kilman
By: Jasmine Kilman

Former Trump Hotel in DC Gets $75 Million in Capital

The owner of the former Trump International Hotel in Washington is recapitalizing the property with $75 million from investors led by Mavik Capital Management, reported Bloomberg.

The new capital is intended to reduce leverage levels on the property, which was rebranded as a Waldorf Astoria in 2022. CGI Merchant Group, which purchased the lease rights to the former Trump International Hotel for $375 million in 2022, defaulted on its $285 million loan earlier this year.

Located at 1100 Pennsylvania Avenue NW, the Waldorf Astoria is near the Washington Monument in the iconic Old Post Office. Waldorf Astoria Washington DC features 263 guest rooms and suites, and the property offers 38,000 square feet of meeting and event space.

Mavik, founded by Vik Uppal, focuses on commercial real estate credit and special situations and has about $1 billion in assets under management. The company has also struck deals for apartment properties. 

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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