According to the publication, the buyer will be the investment firm CGI Merchant Group.
The company of former U.S. President Donald Trump, the Trump Organization, has agreed to sell the rights to the Trump International Hotel, located in the center of Washington, for $ 375 million. This was reported by The Wall Street Journal newspaper, citing sources.
According to her, the buyer will be the investment firm CGI Merchant Group from Miami (Florida), which intends to remove the name of the ex-head of the White House from the facade and has agreed with the Hilton hotel chain on the management and branding of the hotel.
Located near the White House, the hotel building, which was built more than 120 years ago and was a post office, is owned by the government but can be leased for up to 100 years, the rights to which the Trump Organization will transfer to the new owner. The transaction is expected to be completed in the first quarter of next year. During the Trump presidency, the hotel was a popular gathering place for Republicans.
As the publication notes, the oversight committee of the House of Representatives of the U.S. Congress is conducting an audit of the financial performance of the hotel – according to lawmakers, the hotel has been unprofitable for the past few years, while according to the data provided by Trump, the Trump International Hotel was profitable.