The Pennsylvania Avenue hotel run by former President Donald Trump’s real estate company could soon be under new management.
The Trump Organization is in advanced talks to sell the rights to the Trump International Hotel to Miami-based CGI Merchant Group for more than $370M, The Wall Street Journal reports.
CGI Merchant Group is in talks with hotel operators to bring a new brand to the property, including Hilton Worldwide’s Waldorf Astoria, the Wall Street Journal reported. CGI last year launched a fund to buy hotels with backing from retired baseball player and businessman Alex Rodriguez.
The 263-room hotel opened in the historic Old Post Office Building in September 2016, just two months before Trump was elected president. The property is owned by the federal government, which signed a long-term lease with the Trump Organization to operate the luxury hotel.