Insight Online News
Washington, Nov 15 : The family hotel company of former US President Donald Trump is selling the rights to the Trump International Hotel in Washington DC for $375 million, The Wall Street Journal reports.
Miami-based investment firm CGI Merchant Group is in contract to acquire the hotel lease, the newspaper said on Sunday citing people familiar with the matter.
CGI Merchant Group plans to remove the Trump name from the hotel and has already reached a deal with Hilton Worldwide Holdings Inc. to have the property managed by Hilton’s Waldorf Astoria group.
The sale of the Trump hotel is expected to close in the first quarter of 2022.