Trump to Sell Washington Hotel for US$375 mln

The Trump International Hotel viewed through the trees on Pennsylvania Avenue.

© Shutterstock

trump-hotel

The Trump International Hotel viewed through the trees on Pennsylvania Avenue.

© Shutterstock

Donald Trump's hotel company has agreed to sell the rights to its famous Washington hotel, a short walk from the White House, for US$375 million/€330 million.The Wall Street Journal said Miami-based investment firm CGI Merchant Group is in contract to acquire the lease for the Trump International Hotel on Pennsylvania Avenue.

The former US president's company opened the hotel to the public in September 2016, just a few months before Trump was inaugurated. It has been looking for buyers for the hotel, on which it has a 60-year lease, since 2019.

Rebranding

The 120-year-old building, which now has 263 hotel rooms, will have the Trump name removed and be reincarnated under the Hilton hotel group's Waldorf Astoria brand, The Wall Street Journal reported. The deal is expected to be finalised in the first quarter of next year. During Trump's presidency, the hotel became a rallying point for protesters and Republican allies as well as sparking accusations of conflicts of interest.

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