Trump Organization reaches $375M deal to sell rights to DC hotel: report

The Trump Organization has reportedly reached an agreement to sell the rights to the Trump International Hotel in Washington, D.C., for $375 million.

The Wall Street Journal reported on Sunday, citing people familiar with the matter, that CGI Merchant Group, an investment firm based in Miami, reached an agreement with the Trump Organization for a lease to the Trump hotel located on Pennsylvania Avenue.

CGI Merchant Group has also reportedly landed a deal with Hilton Worldwide Holdings Inc. to rebrand and remove the Trump name from the property. Once the deal is finalized, the property will be managed by Hilton’s Waldorf Astoria group, sources told the Journal.

The parties involved are expected to tie up the sale early next year, according to the Journal.

The Trump Organization opened the hotel, which is located in the Old Post Office, in 2016. It is owned by the federal government, but with extensions taken into account, the lease would last for nearly 100 years, the Journal noted.

The Hill reached out to former President Trump and the Trump Organization for comment.

Reports of an agreement for the sale of the Trump family’s Washington, D.C., comes as the House Oversight and Reform Committee is looking into potential conflicts of interest related to Trump in addition to possible emoluments issues, the Journal noted.

The committee is also examining how the General Services Administration (GSA) managed the lease for the establishment. The agreement was made before Trump launched his bid for president, but the committee is still reportedly examining how Trump handled potential conflicts of interest while in the White House.

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About Cholo Brooks 15844 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.

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