The Trump Organization, the holding company of former U.S. President Donald Trump, sells its luxury hotel lease in Washington D.C. for $375 million to investment group CGI Merchant. That would give the Trump hotel a new name, American media report.
According to the Wall Street Journal, the CGI Merchant Group has signed another deal with Hilton hotel group to manage the hotel. He would operate the Trump hotel as a branch of luxury hotel chain Waldorf Astoria.
A few hundred meters from the White House, the hotel is located in an impressive U.S. government building. He has been renting it out to Trump’s real estate group since 2013. The contract is for 60 years, with the option to add another 40 years.
The Trump Organization is said to have invested about $200 million in renovations. However, no profit has been made since the opening in 2016.
During Donald Trump’s presidential mandate, the hotel became a meeting place for Republican lawmakers, donors and lobbyists. Naturally, some posed ethical questions about this.