CGI Merchant Group purchases Trump Hotel in DC, to remove Trump name
The Miami based investment firm CGI Merchant Group has reached a deal with The Trump Organization to purchase the lease for the Trump International Hotel in Washington, DC. According to reports, the deal is worth $375 million dollars.
The investment fund is expected to remove the Trump name from the hotel and is partnering with Hilton Worldwide Holdings to brand it a Waldorf Astoria. Since the property is owned by the federal government, the deal is waiting on approval by the General Services Administration.
The Wall Street Journal first reported news of the deal. The CGI Merchant Group has not yet commented on the deal, nor has the Trump organization released any statement yet.
The Trump organization has been trying to sell this property since 2019, however, due to pandemic was not able to do so. According to official reports, the hotel lost $70 million when Former President Donald Trump was in the office.