The Donald Trump family hotel in Washington has been sold to a group of Miami-based investors.
The Trump organization announced on Wednesday that it had sold a long-term lease of the Trump International Hotel to Miami-based CGI Merchant Group.
The sale was completed for $375 million, and sources said it brought the Trump family business $100 million in profits, according to the Associated Press.
The building will be rebranded as the Waldorf Astoria Hotel by new owners who plan to remove the Trump name from the exterior.
The Trump International Hotel has become a symbol of power and a major gathering place for President Trump, Republican politicians and other lobbyists who have gathered to win the likes of the former president.
Trump has been attacked by Democrats for owning the hotel, which he said is a sign of corruption as his financial interests collide with the larger public interest.
Earlier this month, Trump agreed to pay Washington, D.C. $750,000 for overcharging hotels to the inaugural committee.
A suit brought by the District of Columbia in 2020 sought to challenge the commission’s overpayment of about $1 million to the hotel.
President Trump and his organization are denying any wrongdoing.
The hotel has lost more than $70 million in President Trump’s four years, including the year before the pandemic.
The 263-room hotel is still the former post office building officially owned by the federal government.
In 2012, the Trump organization obtained the right to renovate the building and operate it as a hotel thanks to the federal government’s annual rent and profit cuts.
The House Oversight and Reform Commission is currently conducting a conflict of interest investigation into the Trump organization’s lease of federally owned buildings.
Earlier this month, the committee requested a document listing all investors.