The lease to the Washington hotel run by Donald Trump's family company while he was president has been sold to a Miami-based investor fund.
The Trump Organization said on Wednesday that it has completed the sale of rights to run the Trump International Hotel to CGI Merchant Group of Miami for what it described as a record price per room for the city. Sources close to the deal demanding anonymity to discuss the private transaction have said the price was $375 million.
The hotel had been a magnet for lobbyists and GOP politicians during Trump's presidency as well as controversy and lawsuits. The new owners plan to rebrand the building a Waldorf Astoria.
Many hotel brokers, owners and consultants did not expect the 263-room hotel near the White House to fetch such a high price, the Associated Press reported. The hotel lost more than $70 milllion during the four years of Trump’s presidency, including in each year before pandemic shutdowns.