Trump is selling his DC hotel for $375 million and the buyer plans to remove the Trump name, report says
- The Wall Street Journal reported the
Trump Organizationis selling the rights to its DC hotel.
- The hotel is being bought by Miami-based CGI Merchant Group for $375 million, the Journal said.
The lease for the
The firm plans to remove the Trump brand name from the hotel, which will be managed by Hilton's Waldorf Astoria group, sources told The Journal.
Sources confirmed the sale to The Washington Post, adding that CGI Merchant had already signed the contract.
The Trump Organization did not immediately respond to Insider's request for comment.
The DC hotel is situated on Pennsylvania Avenue just down the street from the White House and has hosted officials from dozens of countries. The hotel has been at the center of allegations that Trump violated the emoluments clause of the Constitution, which stipulates that government officials cannot receive gifts or make a profit from foreign governments.
The hotel also lost $73 million from 2016, when it opened, to 2020, according to documents released by the House Oversight Committee last month.
The committee said Trump had "provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures" and that he "grossly exaggerated the financial health of the Trump Hotel."
It also said he had to "inject at least $24 million to aid the struggling hotel" from a holding company that Trump himself owned.
The hotel is owned by the federal government, with the lease running nearly 100 years, according to The Journal.
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