Trump reaches $375M deal to sell DC hotel – WSJ

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WASHINGTON, Nov 14 (Businesshala) – Former President Donald Trump’s family hotel company has struck a deal to sell the rights to its Washington, D.C., hotel for $375 million, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Giving told.

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The paper said Miami-based investment firm CGI Merchant Group is under contract to acquire the lease.

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The Trump International Hotel is a few blocks from the White House in a historic building that the Trump Organization leases from the US government. The hotel has been a popular gathering place for Trump supporters and foreign dignitaries.

The newspaper said CGI intends to remove Trump’s name and has entered into an agreement with Hilton Worldwide Holdings for assets managed and branded by Hilton’s Waldorf Astoria Group.

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The Trump Organization, CGI Merchant and Hilton did not immediately respond to Businesshala requests for comment on Sunday.

Last month, the US House Committee on Oversight and Reform said newly obtained government documents raised “troubling” questions about the hotel.

According to the Democratic-controlled committee, Trump reported that the hotel earned him more than $150 million during his time in office but actually lost more than $70 million.

The committee found that the hotel received payments of more than $3.7 million from foreign governments – the equivalent of more than 7,400 nights at the hotel, raising potential conflicts of interest.

The hotel is in the second tallest structure in the city Here, after the Washington Monument. The building previously housed the US Post Office Department Headquarters. (Reporting by David Shepardson and Kanishk Singh in Washington; Editing by Daniel Wallis)

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