Trump Reaches $ 375 Million Deal to Sell DC Hotel – WSJ | Top news
WASHINGTON (Reuters) – Former President Donald Trump’s family-owned hotel company has struck a deal to sell the rights to its Washington, DC hotel for $ 375 million, The Wall Street Journal reported on Sunday, citing people close to the case.
Miami-based investment firm CGI Merchant Group has entered into a contract to acquire the lease, the newspaper said.
The Trump International Hotel is located in a historic building a few blocks from the White House that the Trump Organization leases from the US government. The hotel has been a popular gathering place for Trump supporters and foreign dignitaries.
The newspaper said CGI intended to remove the Trump name and had reached an agreement with Hilton Worldwide Holdings to have the property managed and branded by Hilton’s Waldorf Astoria group.
The Trump organization, CGI Merchant and Hilton did not immediately respond to Reuters requests for comment on Sunday.
Last month, the US House of Representatives Committee on Oversight and Reform said recently obtained government documents raised “troubling” questions about the hotel.
According to the Democrat-controlled committee, Trump reported that the hotel earned him over $ 150 million during his tenure, but actually lost over $ 70 million.
The committee found that the hotel had received more than $ 3.7 million in payments from foreign governments, the equivalent of more than 7,400 hotel nights, raising a potential conflict of interest.
The hotel is located in the city’s second tallest structure, after the Washington Monument. The building previously housed the headquarters of the US Postal Department.
(Reporting by David Shepardson in Washington and Kanishka Singh; Editing by Daniel Wallis)
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