Trump Organization reaches $375M deal to sell rights to DC hotel: report

 Trump Organization reaches $375M deal to sell rights to DC hotel: report

The Trump Organization has reportedly reached an agreement to sell the rights to the Trump International Hotel in Washington, D.C., for $375 million.

The Wall Street Journal reported on Sunday, citing people familiar with the matter, that CGI Merchant Group, an investment firm based in Miami, reached an agreement with the Trump Organization for a lease to the Trump hotel located on Pennsylvania Avenue.

CGI Merchant Group has also reportedly landed a deal with Hilton Worldwide Holdings Inc. to rebrand and remove the Trump name from the property. Once the deal is finalized, the property will be managed by Hilton’s Waldorf Astoria group, sources told the Journal.

The parties involved are expected to tie up the sale early next year, according to the Journal.

The Trump Organization opened the hotel, which is located in the Old Post Office, in 2016. It is owned by the federal government, but with extensions taken into account, the lease…

Read full article at thehill.com