Investment group purchases Trump hotel in DC and is expected to remove Trump name
By Kara Scannell
The Trump Organization has reached a deal with the investment fund CGI Merchant Group to purchase the lease for the Trump International Hotel in Washington, DC, for $375 million, according to a person familiar with the matter.
The Miami group is expected to remove the Trump name from the hotel and is partnering with Hilton Worldwide Holdings to brand it a Waldorf Astoria, according to the person familiar. The deal is subject to approval by the General Services Administration because the federal government owns the property.
The Wall Street Journal first reported news of the deal.
The CGI Merchant Group declined comment to CNN. CNN has reached out to the Trump Organization for comment.
Former President Donald Trump’s company had been in advanced talks with CGI Merchant Group this fall to sell the lease of the hotel, CNN previously reported.
The House Oversight Committee recently released documents showing the DC property, which attracted conservative lobbyists throughout the Trump presidency, lost $70 million while he was in office. The company has been trying to sell the property since 2019 but paused last year when the pandemic all but shuttered the hospitality industry.
The-CNN-Wire
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