President Donald Trump’s company has agreed to sell its Trump International Hotel operation in Washington, D.C., according to multiple reports. The deal is said to be worth $375 million and will result in the Trump name being removed from the landmark property that stands close to the White House.
The hotel’s lease is being bought by Miami-based investment firm CGI Merchant Group, according to The Wall Street Journal, which says the company is working with another hotel chain, Hilton Worldwide Holdings.
In its new iteration, Trump’s name will be replaced by the Waldorf Astoria brand on the massive historic property, which has previously been both a post office and an office building.
Members of the House Oversight Committee recently stated that the Trump family’s company suffered a net loss of $70 million in operating the hotel. Monthly rent for the building is $250,000.
h/t Swingline