Donald Trump reaches $ 375m deal to sell hotel in Washington DC – reports | World News

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The Trump Organization has reached a deal to sell the rights to its Washington DC hotel for $ 375m (£ 279m), according to the Wall Street Journal.

Miami -based investment firm CGI Merchant Group is in contract to acquire the lease for the Trump International Hotel, the newspaper reported.

The hotel is in a historic building a few blocks from the White House rented by the Trump Organization from the US government.

Photo: Donald Trump walking in the atrium of his hotel in 2016

The hotel has become a popular gathering place for Trump supporters and foreign dignitaries.

The newspaper said CGI intended to remove Trump’s name and negotiated with Hilton Worldwide Holdings to manage and mark the property of Hilton’s Waldorf Astoria group.

Last month, the U.S. House Committee on Oversight and Reform said newly obtained government documents raised “worrying” questions about the hotel.

According to the Democratic-controlled committee, Donald Trump reported that the hotel earned him more than $ 150m (£ 112m) during his tenure but actually lost more than $ 70m (£ 52m).

The committee found that the hotel had received more than $ 3.7m (£ 2.76m) in payments from foreign governments – the equivalent of more than 7,400 nights at the hotel, raising a potential conflict of interest.

The hotel is in the city’s second tallest structure after the Washington Monument and the building formerly housed the U.S. Post Office Department headquarters.

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