Skift Take

It's hard to imagine the Trump brand surviving in the hotel space beyond any current contracts. As a brand it added nothing lasting and certainly won't be missed.

Former President Donald Trump’s family hotel company has reached a deal to sell the rights to its Washington, D.C., hotel for $375 million, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Miami-based investment firm CGI Merchant Group is in contract to acquire the lease, the newspaper said.

The Trump International Hotel is in a historic building a few blocks from the White House that the Trump Organization leases from the U.S. government. The hotel has been a popular gathering spot for Trump supporters and foreign dignitaries.

The newspaper said CGI intends to remove the Trump name and has reached an agreement with Hilton Worldwide Holdings to have the property managed and branded by Hilton’s Waldorf Astoria group.

The Trump organization, CGI Merchant and Hilton did not immediately respond to Reuters requests for comment on Sunday.

Last month, the U.S. House Committee on Oversight and Reform said newly obtained government documents raised “troubling” questions about the hotel.

According to the Democratic-controlled committee, Trump reported that the hotel earned him more than $150 million during his time in office but actually lost more than $70 million.

The committee found that the hotel received more than $3.7 million in payments from foreign governments – equal to more than 7,400 nights at the hotel, raising a potential conflict of interest.

The hotel is in the city’s second-tallest structure, after the Washington Monument. The building previously housed the U.S. Post Office Department Headquarters.

(Reporting by David Shepardson in Washington and Kanishka Singh; Editing by Daniel Wallis)

This article was from Reuters and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.

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Tags: real estate, trump hotels, washington d.c.

Photo credit: Exterior of the Trump International Hotel in Washington, D.C. The declining property will be sold. Vlad Tchompalov / Unsplash

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