Donald Trump has agreed to sell the controversial Washington DC hotel that has lost millions

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Donald Trump has agreed to sell his famous Washington, DC, hotel to an outside company, which plans to remove Trump’s name from the building and give it to the Hilton team for management, the Wall Street Journal reported.

The hotel is selling to Miami -based investment company CGI Merchant Group for $ 375m, the Journal reported, citing unnamed sources familiar with the deal. CGI reportedly intended to have Hilton Worldwide Holdings Incs Waldorf Astoria group manage the property.

The Trump Organization won the rights to lease the building, a federal property, in 2012, but the Trump International Hotel became a political and financial boondoggle for the future president. The hotel has become a hot gathering place for Republican politicians, lobbyists, and other executives hoping to be closer to Trump orbit or get the ear of senior officials.

It has been criticized by ethics experts for the influx of millions from foreign governments sending their staff to stay there, while on the business side, the hotel was reported to have lost $ 70m between 2016 and 2020, though the Trump Organization disputes these findings.

The House Committee on Oversight and Reform is currently conducting a conflict of interest probe of the Trump Organizations lease on the building, which is owned by the federal government.

Trumps beat top hoteliers like Marriot and Hilton to take over the property, promising they would spend $ 200 million on renovating the former post office. The Trump Organization said the Trump International Hotel generated $ 150 in revenue while Mr Trump was in office.

More details to come in this breaking news story …

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