Donald Trump reaches $375M deal to sell Washington DC hotel

Donald Trump reaches $375M deal to sell Washington DC hotel

Former President Donald trump's family has reached a deal to sell the rights to its Washington dc hotel for 375 million. According to reports by the wall street journal, the Miami-based investment firm CGI merchant group is in a contract to acquire the lease.

  The newspaper further said that CGI intends to remove the trump name altogether and has reached an agreement with Hilton worldwide to have the property managed And branded by Hilton's Waldorf Astoria group. 

The trump international hotel is in a historic building located just a few blocks from the white house. It is also the city's second-tallest structure after the Washington monument and previously housed the u.s post office department headquarters. 

The hotel building, which is actually released by the u.s. government is a popular gathering spot for foreign dignitaries. The hotel has been Embroiled in controversy last month, u.s. house committee on oversight and reform raised troubling questions about the hotel.

 According to the Democratic controlled committee, the hotel lost 17 million dollars while trump was in office, though the former president had reported that the hotel earned him millions. The committee found that the hotel received more than 3.7 million dollars in payments from foreign governments equal To more than 7400 knights of the hotel raising a potential conflict of interest. 

The trump organization has been trying to sell the property since 2019 but had to pause last year due to the pandemic.

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