WSJ learns Trump's imminent sale of hotel rights for $375 million

Former US President Donald Trump's company Trump Organization has agreed to sell the rights to the Trump International Hotel in Washington, CGI Merchant Group will be the buyer. it is reported by The Wall Street Journal, citing informed sources.

According to the WSJ interlocutors, the deal will be worth $375 million. The CGI Merchant Group intends to remove the Trump name and has already agreed with Hilton Worldwide Holdings on branding and property management, the publication reports.

The hotel is located in a former post office, the building is located on Pennsylvania Avenue near the White House, the newspaper reports. The hotel itself is owned by the US government, but it is leased for up to 100 years with the possibility of renewal.

The House of Representatives has evidence that the hotel has been unprofitable since 2016, while Trump's company has reported $150 million in revenue over the years, the WSJ notes. In addition, members of the Republican Party often gathered at the hotel during the Trump presidency, who met there with lobbyists and lawmakers, the publication reports.