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Trump reaches $375M deal to sell DC hotel


© Reuters. FILE PHOTO – The Trump International Hotel can be seen in Washington on September 28th 2020. REUTERS/Erin Scott/File Photo

WASHINGTON, Reuters – The family business that owns the hotel in Washington, D.C. has made a deal with Trump to buy the hotel’s rights, the Wall Street Journal reports on Sunday, citing individuals familiar with this matter.

The newspaper reported that Miami-based CGI Merchant Group, an investment company, has signed a contract to purchase the lease.

Trump International Hotel, located in a historical building just blocks from White House. The Trump Organization leases the historic building from the U.S. government. It has long been a favorite spot to gather Trump supporters as well as foreign dignitaries.

CGI has agreed to remove Trump from the name, according to the newspaper. Hilton Worldwide Holdings (NYSE) has the property managed, branded and managed by Hilton’s Waldorf Astoria.

Reuters requested comment from the Trump Organization, CGI Merchant and Hilton on Sunday. They did not respond immediately.

According to the U.S. House Committee on Oversight and Reform, newly obtained documents from the government raised troubling questions regarding the hotel.

According to the Democratic-controlled committee, Trump reported that the hotel earned him more than $150 million during his time in office but actually lost more than $70 million.

According to the committee, the hotel was paid more than $3.7million by foreign governments. That’s equivalent to 7,400 nights of hotel stays.

It is the second-tallest structure in the city, behind the Washington Monument. This building was once home to the U.S. Post Office Department headquarters.

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