AaronP/Bauer-Griffin/Getty Images
- The Wall Street Journal reported the Trump Organization is selling the rights to its DC hotel.
- The hotel is being bought by Miami-based CGI Merchant Group for $375 million, the Journal said.
- The Trump International Hotel lost $73 million from 2016 to 2020, according to a House committee audit.
Former President Donald Trump's family real estate company is selling the rights to its luxury hotel in Washington, DC, for $375 million, according to a Wall Street Journal report published Sunday.
The lease for the Trump International Hotel will be acquired by the CGI Merchant Group, an investment firm based in Miami, Florida, the report said.
The firm plans to remove the Trump brand name from the hotel, which will be managed by Hilton's Waldorf Astoria group, sources told The Journal.
Sources confirmed the sale to The Washington Post, adding that CGI Merchant had already signed the contract.
The Trump Organization did not immediately respond to Insider's request for comment.
The DC hotel is situated on Pennsylvania Avenue just down the street from the White House and has hosted officials from dozens of countries. The hotel has been at the center of allegations that Trump violated the emoluments clause of the Constitution, which stipulates that government officials cannot receive gifts or make a profit from foreign governments.
The hotel also lost $73 million from 2016, when it opened, to 2020, according to documents released by the House Oversight Committee last month.
The committee said Trump had "provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures" and that he "grossly exaggerated the financial health of the Trump Hotel."
It also said he had to "inject at least $24 million to aid the struggling hotel" from a holding company that Trump himself owned.
The hotel is owned by the federal government, with the lease running nearly 100 years, according to The Journal.
Dit artikel is oorspronkelijk verschenen op z24.nl