The Trump Organization has reached a deal to sell its Washington hotel lease for $375 -million to CGI Merchant Group, which plans to remove ex-president Donald Trump’s name from the luxury property’s facade, US media reported.
The Miami-based investment fund has struck a separate agreement with Hilton Worldwide Holdings to rebrand the Trump International Hotel as a Waldorf Astoria, according to the Wall Street Journal.
Contacted by AFP, CGI declined to comment. The Trump Organization and Hilton group also did not immediately return requests.
The historic building just a short walk from the White House and down Pennsylvania Avenue from the US Capitol is not owned by the Trump Organization.
Once the capital city’s main post office, the structure is owned by the US government which in 2013 leased it to Trump’s real estate company for 60 years, with an option to extend for another 40 years.
The Trump Organization invested some $200-million in the renovation of the building, which was constructed in the late 19th century and is on the National Register of Historic Places.