The Trump Organisation has agreed to sell the lease on the Trump International Hotel in Washington, DC to investment fund CGI Merchant Group, for a reputed $375m. The company plans to hand it over to the Hilton Group for management.
The hotel was acquired by the Trump Organisation in 2016 and became one of the most visible examples of the former U.S. president’s new-found status in the U.S. capital. Over the course of his presidency, the hotel was the favoured meeting place of lobbyists and politicians looking to curry favour with the White House.
However, despite making $156m in income between 2016 and 2020, documents show the hotel suffered a net loss of $70m over the same period, apparently because the hotel never managed to fill the rooms.
Because the hotel is in a government-owned building, the deal is subject to a 60-day review by the General Services Administration (GSA).
If the deal goes through, Trump’s name will be removed from the hotel and it will be run as a Waldorf Astoria.