After suffering ongoing losses, former US President Donald Trump's family-run Trump Organisation has sold its Washington DC hotel to Miami-based fund CGI Merchant Group for $375 million.
Moreover, the Trump Organisation has been trying to sell the hotel since early 2019. The hotel was first listed for sale at a considerably higher price of $500 Million.
Once the sale completes by early 2022, the CGI Merchant Group plans to turn over the hotel's running to the Hilton Group. Furthermore, the hotel is going to be renamed the Waldorf Astoria, thus dropping the Trump name. Despite this agreement, the sale will only happen after the General Services Administration (GSA) review since the federal government currently owns the property.
The GSA leased the landmark 120-year old propert...
