The Waldorf Astoria in Washington, D.C. is scheduled for an auction on August 5th after a previous sale was cancelled last month. The foreclosure sale for the leasehold interest at 1100 Pennsylvania Ave. NW will be conducted by Alex Cooper Auctioneers, as stated in a notice filed by the lender’s representative.
Although the property is owned by the federal government, it is currently leased to an affiliate of Miami’s CGI Merchant Group. Due to defaulting on a $285 million loan with an outstanding balance of $252.7 million as of May, Chicago-based MSD Partners initiated foreclosure proceedings.
In May 2022, CGI purchased the lease for $375 million and reopened it as a Waldorf Astoria under Hilton Worldwide management with Senih Geray at its helm.
This news comes amidst ongoing legal issues surrounding Connect CRE’s involvement in this property and its related entities.
