WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news.
The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s.
Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal.
The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom.
The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. The suite features three bedrooms, walk-in closets, dining room with butler’s pantry and a fitness center.
The property also features a 6,300-square-foot Trump Townhouse, a two-level suite that with a private entrance on Pennsylvania Avenue, two bedrooms, two bathrooms, private office, workout room and a dining room with seating for up to 24 people.
According to CNN, the Trump Organization had been marketing the property for sale since 2019, but paused those efforts in 2020 when COVID-19 hit the hospitality industry.
— Taylor Williams