The Trump Organization has reportedly reached an agreement to sell the lease for its Washington, D.C, hotel for $375 million, multiple sources reported.
CGI Merchant Group, a Miami-based investment firm, reached an agreement with Trump’s family hotel company to purchase the lease for the Trump International Hotel on Pennsylvania Avenue, The Wall Street Journal reported Sunday. CGI also reached a deal with Hilton World Wide Holdings to rebrand the hotel as part of Hilton’s Waldorf Astoria group.
The federal government owns the building, but with extensions, the lease runs for almost 100 years, according to the WSJ.
Trump’s firm acquired the lease in 2013 with a base rent of $250,00 per month, the Washington Business Journal reported at the time. The company reportedly invested an additional $200 million to turn the property into a luxury hotel.
The Trump International Hotel is seen on June 02, 2021 in Washington, DC. (Photo by Kevin Dietsch/Getty Images)
The Trump Organization, CGI Merchant Group and Hilton World Wide Holdings did not immediately respond to the Daily Caller News Foundation’s requests for comment. (RELATED: Americans’ Faith In The Economy Plummets Further As Inflation Grows)
The hotel lease sale comes as House Democrat-controlled committees launched an investigation and held hearings surrounding potential conflicts of interest and emoluments issues involving the former president and the D.C. property, the WSJ reported.
The House Committee on Oversight and Reform has been investigating the lease terms signed between the Trump Organization and the General Services Administration for the use of the property. The original deal took place before Trump ran for office, but investigations into conflicts of interest began after he took office.
The House committee will continue to investigate “conflicts of interest and potential constitutional violations raised by Donald Trump’s lease of this hotel from the federal government while he was president,” said a spokeswoman for the committee, adding that the investigations “won’t be fully resolved by selling off this hotel,” according to the WSJ.
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