According to Bloomberg, the former Trump International Hotel in Washington is receiving a recapitalization of $75 million from investors led by Mavik Capital Management. This new capital infusion aims to decrease the property’s leverage levels and comes after its rebranding as a Waldorf Astoria in 2022. The lease rights for the hotel were purchased by CGI Merchant Group for $375 million, but they defaulted on their $285 million loan earlier this year.
The Waldorf Astoria is located at 1100 Pennsylvania Avenue NW near the iconic Old Post Office and Washington Monument. It boasts 263 guest rooms and suites, along with over 38,000 square feet of meeting and event space.
Mavik Capital Management was founded by Vik Uppal and specializes in commercial real estate credit and special situations with approximately $1 billion under management. They have also made deals for apartment properties in addition to their involvement with the former Trump Hotel project.
