CGI Merchant Group - an investment firm based in Miami, Florida - is set to acquire the rights to the Trump International Hotel for an estimated $375 million, the Wall Street Journal reported on Sunday.
Citing individuals familiar with the matter, the report detailed that CGI Merchant Group also secured a deal with Hilton Worldwide Holdings, Inc. to rebrand the DC hotel and remove the former US president's family name from the property.
The Hotel Waldorf-Astoria Corporation - a Hilton Worldwide Holdings subsidiary - will reportedly be tasked with managing the property.
The $375 million deal is expected to close in the first quarter of 2022.
Trump International Hotel in Washington
© AP Photo / Alex Brandon
News of the sale comes a month after the US House Committee on Oversight and Reform claimed that newly-obtained GSA documents raised "new and troubling questions" about the Trump Organization's lease.
The committee claimed in an October issuance to the GSA that then-President Trump reported that he earned more than $150 million in revenue during his White House tenure, but GSA records showed that the Trump International Hotel incurred net losses of more than $70 million during that period.
Additionally, records showed that Trump's DJT Holdings LLC loaned the DC-based hotel $27,805,069 between 2017 to 2020. However, only a portion was repaid, causing more than $24 million of that to be converted to capital contributions.
"Taken together, these documents show that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump’s other businesses," the Democratic-led group said.