CGI Merchant Group, a Miami-based investment firm, is acquiring Trump hotel in DC.
The deal is for $375 million.
They plan on removing Trump’s name from the building.
It was known as the crown jewel of the Trump’s family portfolio according to the report.
JUST IN ðŸš¨ Donald Trumpâ€™s family hotel company has reached an agreement to sell the rights to its glittering Washington, D.C., hotel for $375 million – WSJ
— Insider Paper (@TheInsiderPaper) November 14, 2021
Donald Trumpâ€™s family hotel company has reached an agreement to sell the rights to its glittering Washington, D.C., hotel for $375 million, according to people familiar with the matter.
CGI Merchant Group, a Miami-based investment firm, is in contract to acquire the hotel lease for the Trump International Hotel, which is located a short walk down Pennsylvania Avenue from the White House. CGI intends to remove the Trump name, and it has reached a deal with Hilton Worldwide Holdings Inc. to have the property branded and managed by Hiltonâ€™s Waldorf Astoria group, these people said.
The hotel is owned by the federal government, but with extensions the lease runs close to 100 years. It is housed in the former Old Post Office and it features some of the largest guest rooms in the capital.
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