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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Saint Paul de Vence: a paradise for art loversThe Week Recommends The hilltop gem in the French Riviera where 20th century modernism flourished
-
'People in general want workers to earn a decent living'Instant Opinion Opinion, comment and editorials of the day
-
What might a Trump victory mean for the global economy?Today's Big Question A second term in office for the 'America First' administration would send shockwaves far beyond the United States' shores
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Donald Trump's bitcoin obsessionThe Explainer Former president's crypto conversion a 'classic Trumpian transactional relationship', partly driven by ego-boosting NFTs
-
Would Trump's tariff proposals lift the US economy or break it?Talking Points Economists say fees would raise prices for American families
-
Epoch Times CFO charged with money launderingSpeed Read Weidong "Bill" Guan stands accused of laundering $67 million
-
Is Marjorie Taylor Greene finished?Talking Points Marjorie Taylor Greene's effort to oust House Speaker Mike Johnson failed, but it still left many of her fellow Republicans furious
-
Will college Gaza protests tip the US election?Talking Points Gaza protests on U.S. campuses pose problems for Biden like the ones that hurt Lyndon B. Johnson in the '60s
