Trump will sell the famous 122-year-old Trump Hotel for $ 375 million. The name of the hotel will reportedly be changed to a new branding
Former President Donald Trump’s company has signed a deal to sell its lease at the Trump International Hotel in Washington for $ 375 million.
According to the report, an investment company from Miami, signed a contract for the acquisition of management rights in the building from the 19th century. This was reported by the Wall Street Journal, according to people involved in the matter.
The company plans to remove the Trump brand name from the hotel and has reached a deal with Hilton to rebrand the property and manage it by Hilton’s Waldorf Astoria Group. The sale is expected to close in the first quarter of 2022.
The 122-year-old building, located just a few blocks from the White House, is still owned by the federal government, but with a lease from the government that lasts nearly 100 years.
The sale price is below the $ 500 million that Trump first asked for in 2019 when it announced that the lease was up for sale. The company, owned by the former president, leased the building from the administration’s general services administration in 2013 and invested an extensive $ 250 million renovation to turn it into a luxury hotel before opening to guests in 2016.