WASHINGTON, Nov 14 (Reuters) – 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 (HLT.N) 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. read more .reuters