Trump Organization is reportedly selling lease on D.C. hotel for $375 million

Trump International Hotel in Washington, D.C.
(Image credit: Kevin Dietsch/Getty Images)

The Trump Organization has reached an agreement to sell its lease for the Trump International Hotel in Washington, D.C., for $375 million, people familiar with the matter told The Wall Street Journal.

The Miami-based investment firm CGI Merchant Group is set to acquire the lease, and has reached a deal with Hilton Worldwide Holdings to remove the Trump name and rebrand the property as a Waldorf Astoria, the Journal reports. Once a post office, the property is owned by the federal government, and the lease is for nearly 100 years.

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.