Multiple sources reported on Sunday that Miami-based CGI Merchant Group has acquired the lease rights to the Trump International Hotel Washington, D.C. for US$375 million.
The Wall Street Journal said that said CGI has made a deal with Hilton to rebrand the property as a Waldorf Astoria, as previously reported.
The hotel has been the source of much conjecture since former President Trump acquired the property just as he entered the White House. Trump reported that the hotel earned him more than US$150 million during his time in office, but The House Oversight Committee recently reported it lost more than US$70 million.
The hotel is in the city’s second tallest structure after the Washington Monument and previously housed the U.S. Post Office Department Headquarters.
The company has been trying to sell the property since 2019, originally asking for US$500 million.