Former President Donald Trump’s hotel company is prepared to sell the rights to his Washington D.C. hotel. According to CGI Merchant Group, an investment firm based in Miami, is in negotiation with the Trump organization to buy up the lease for the hotel which is located just a few blocks from the White House. CGI plans to rebrand the hotel and change the name to Hilton’s Waldorf Astoria group, which will also manage the property.
Known as the Old Post Office, the property is owned by the federal government. The sale of its 100-year lease is anticipated to go through in the first quarter of 2022 which coincides with the Democratic-controlled House committees investigating and conducting hearings over potential conflicts of interest surrounding Trump.
The Trump Organization pointed out that it did not market the hotel to foreign dignitaries and writes a check to the United States Treasury Department whenever foreign guests do stay.
The House Committee on Oversight and Reform is looking at terms of the lease between the Trump Organization and the federal government for the use of the property. Even though the deal predates Trump’s presidency, the committee is examining whether there were conflicts of interest regarding the hotel while Trump was in office.
It’s unclear if the sale of the hotel will affect the proceedings of the committee’s investigation. The committee noted that between 2016 and last year, the hotel lost more than $70 million, which led to a cash infusion toward the hotel of $24 million, however, the Trumps dispute those claims.