Trump Organization to sell Washington hotel lease for $375 million: Report
WASHINGTON — The Trump Organization has reached a deal to sell its landmark hotel in Washington, D.C., for at least $375 million, according to the Wall Street Journal.
Former President Donald Trump's family enterprise reached a deal to sell the lease on its Trump International Hotel Washington, D.C. to CGI Merchant Group, a minority-owned real estate investment group based in Miami.
CGI will remove the Trump name from the property and is in talks to replace it with the Hilton's Waldorf Astoria brand, according to the Journal. The sale is expected to close in the first quarter.
The Trump Organization and CGI did not respond to a request for comment.
The hotel is housed in the Old Post Office building on Pennsylvania Avenue in downtown, with a clear view of the Capitol and blocks away from the National Mall and White House.
While the federal government technically owns the building, the complex's 2012 lease is extended for nearly a century. Monthly rent on the building is $250,000.
During Trump's presidency, the hotel became a source of controversy over the perceived mixing of the president's business with politics.
The Trump Organization denied that the hotel was ever the site of improper financial activities.
The House Oversight Committee began to scrutinize the organization's finances in 2019 and has said it will continue to do so after the Journal's report of the sale
The committee said the hotel lost more than $70 million for the organization since its acquisition in 2016. The hotel was made available for sale in 2019. The committee is continuing to examine potential conflicts of interest the hotel posed for Trump during his presidency.
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