Nov 15, 2021

Trump Organization selling Washington hotel for $375m, reports say

The Trump Organization has reportedly reached a deal to sell its prized Washington hotel for $375m. Last month, a US congressional probe found the hotel lost more than $70m during Donald Trump's presidency. The former US president's company opened the hotel to the public in September 2016.The Trump Organization, which bought a 60-year lease on the building, had been looking for buyers for the 263-room hotel since 2019.The deal with Miami-based investment firm CGI Merchant Group is expected to be finalised in the first quarter of next year, sources told The Wall Street Journal and Bloomberg. The Trump Organization won approval to redevelop the historic Old Post Office building in 2012.It opened as a hotel four years later, just weeks after Mr Trump accepted the Republican Party's nomination to run for president. The Trump Organization and CGI Merchant Group did not immediately respond to the BBC's requests for comment on the sale of the Trump International Hotel.

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