Trump organization reportedly close to selling DC hotel for over $370M

Former President Donald Trump’s company is reportedly closing in on a deal to sell its lease on the iconic Trump International Hotel in Washington, DC, for more than $370 million.

CGI Merchant Group, a Miami-based investment firm, is in talks to acquire the lease on the 19th-century building, the Wall Street Journal reported, citing people familiar with the matter.

The 122-year-old building, which is just a few blocks from the White House in the former Old Post Office Pavilion, is still owned by the federal government, but with extensions, the lease runs close to 100 years.

CGI has already held discussions with hotel operators, including Hilton’s Waldorf Astoria brand, about replacing the Trump name with that of another hotel manager, the Journal reported.

The deal could ultimately price closer to $400 million, the Journal noted — but still less than the $500 million payday they sought when they first shopped the lease in 2019.