Donald Trump’s hotel company looks to sell Washington, DC hotel for $375 million

Donald Trump’s hotel company looks to sell Washington, DC hotel for $375 million

A Miami-based investment firm, CGI Merchant Group, will acquire the lease for the Trump International Hotel.

If sources are to be believed, Donald Trump’s family hotel company seems to be selling its prized Washington, DC hotel for $375 million.

The company has reached an agreement to sell the ownership rights of the hotel, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

A Miami-based investment firm, CGI Merchant Group, will acquire the lease for the Trump International Hotel.

The hotel is located a short walk down Pennsylvania Avenue from the White House. The new owners intend to remove the Trump name. It has also reached a deal with Hilton Worldwide Holdings Inc. to get the property branded and managed by Hilton’s Waldorf Astoria group, said sources.

The hotel is owned by the federal government, but its lease runs close to 100 years. The hotel has some largest guest rooms in the capital and housed in the former Old Post Office.

Donald Trump’s hotel company looks to sell Washington, DC hotel for $375 million
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The sale is expected to close in the first quarter, added sources.

The development comes as Democratic-controlled House committees have been investigating and holding hearings on potential conflicts of interest and emoluments issues surrounding former US President Donald Trump.

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