The Economic Times

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 for the property. The investment became the largest transaction Thomas had undertaken and followed an introduction to Donald Trump through former Yankees superstar Alex Rodriguez, according to Robert Festinger.