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Donald Trump inks $370 million deal to sell Washington Hotel: Report

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The Trump family signed a contract in 2013 for the rights to the 19th-century grand building

New York:

Donald Trump’s family company is in advanced talks to sell the rights to a major Washington hotel in a transaction worth more than $370 million, The Wall Street Journal reported Tuesday.

The US newspaper, citing people familiar with the matter, reported that the Trump business is in talks with Miami investment firm CGI Merchant Group to sell lease rights on the Trump International Hotel Washington DC.

The property is owned by the government, but the Trump family signed a contract in 2013 for the rights to the grand 19th-century building located in a former post office near the White House.

The contract period with the US government agency, the General Services Administration (GSA), was 60 years and with a potential 40-year extension and was awarded after the Trump Organization outranked other major hoteliers.

The venue was a social hub for prominent Republicans during Trump’s presidency from 2017 to 2021. President Joe Biden succeeded him last January.

A report released last week by the Congressional Committee said the hotel lost more than $70 million between its 2016 opening and last year.

The Trump business has opposed the findings of the committee, which is investigating the former president’s handling of conflicts of interest.

The Trump Organization, CGI and GSA did not immediately respond to requests for comment.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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