The Trump Organization has reached an agreement to sell the rights to its Washington, D.C. hotel for $375 million.
The Miami-based CGI Merchant Group is under contract to acquire the hotel’s lease from the Trump International Hotel, which is in downtown D.C., just a few blocks from the White House. CGI plans to rename the hotel and has reached a deal with Hilton Worldwide Holdings Inc. to call the property the Waldorf Astoria.
The hotel building was formerly a post office and is owned by the federal government with leases that run close to 100 years. The sale is expected to close during the first quarter of the new year.
