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InvestmentsTrump reaches $375M deal to sell DC hotel

Trump reaches $375M deal to sell DC hotel

© Reuters. FILE PHOTO: The Trump International Hotel is seen in Washington, U.S. September 28, 2020. REUTERS/Erin Scott/File Photo

WASHINGTON (Reuters) – Former President Donald Trump’s household hotel firm 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 individuals aware of the matter.

Miami-based funding agency CGI Merchant Group is in contract to purchase the lease, the newspaper stated.

The Trump International Hotel is in a historic constructing just a few blocks from the White House that the Trump Organization leases from the U.S. authorities. The hotel has been a well-liked gathering spot for Trump supporters and international dignitaries.

The newspaper stated CGI intends to take away the Trump title and has reached an settlement with Hilton Worldwide Holdings (NYSE:) to have the property managed and branded by Hilton’s Waldorf Astoria group.

The Trump group, CGI Merchant and Hilton didn’t instantly reply to Reuters requests for touch upon Sunday.

Last month, the U.S. House Committee on Oversight and Reform stated newly obtained authorities paperwork raised “troubling” questions concerning the hotel.

According to the Democratic-controlled committee, Trump reported that the hotel earned him greater than $150 million throughout his time in workplace however really misplaced greater than $70 million.

The committee discovered that the hotel obtained greater than $3.7 million in funds from international governments – equal to greater than 7,400 nights on the hotel, elevating a possible battle of curiosity.

The hotel is within the metropolis’s second-tallest construction, after the Washington Monument. The constructing beforehand housed the U.S. Post Office Department Headquarters.

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