Former President Donald Trump's company is in advanced talks to sell the lease for its marquee hotel in Washington, DC, for more than $370 million, according to a person familiar with the matter.
Miami investment fund CGI Merchant Group is in advanced negotiations with the Trump Organization, the person said. As part of the discussions, CGI has held talks with Hilton, the hotel operator it has partnered with in the past, about removing the Trump name from the ornate building steps from the White House and replacing it with another luxury brand name.The advanced discussions and deal terms were first reported by The Wall Street Journal. A representative for CGI declined to comment.
The company has been trying to sell the property since 2019 but paused last year when the pandemic all but shuttered the hospitality industry.Baseball slugger Alex Rodriguez's company is a large investor in CGI's hospitality fund, which would likely be tapped as part of the deal. Any deal will need to undergo a 60-day review from the General Services Administration, the government entity that owns the property.
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