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- Former President Trump is reportedly close to selling his Washington DC hotel for over $370 million.
- Miami-based investment firm CGI Merchant Group is looking to buy it, the Wall Street Journal said.
- It's the same hotel that lost over $73 million between 2016 and 2020.
Former President Donald Trump is close to selling his luxury hotel in Washington DC for more than $370 million, the Wall Street Journal reported on Tuesday.
The lease for Trump International Hotel, situated along Pennsylvania Avenue not far from the White House, could be acquired by Miami-based investment firm CGI Merchant Group, the report said.
The firm has also been considering removing the Trump family name from the hotel, the report said.
The hotel has been at the center of a political firestorm over allegations that Trump violated the emoluments clause of the Constitution – an anti-corruption rule which bars government officials from receiving gifts or profiting from foreign governments – by profiting off foreign dignitaries staying at the hotel.
Trump had claimed in financial disclosures that he earned over $150 million in income from the hotel during that same period.
But the Trump International Hotel lost over $73 million between 2016 and 2020, according to documents released by the House Oversight Committee on Friday.
The committee said that Trump had to "inject at least $24 million to aid the struggling hotel" from a holding company owned by the former president himself.
"The Committee found that President Trump provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures," the committee said in a statement. "By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel."