Media reported that an investment group is buying the Trump Hotel in Washington

Former President Hotel Company Donald Trump It reached an agreement with an investment group to sell the rights to its hotel for $375 million WashingtonThis Sunday, the media reported Locations.

The process must be approved by a US federal government entity, which owns the property.

According to the newspaper The Wall Street Journal and the series CNNCiting people familiar with the matter, Miami-based CGI Merchant Group has a contract for the lease of Trump International Hotel, located near the White House.

Sources indicated that CGI Merchant Group intends to rename the property.

In addition, CGI has reached an agreement with the American multinational hotel company Hilton Worldwide Holdings Inc. So that the place is under the brand and managed by the Hilton Waldrof Astoria group.

The deal is subject to General Services Administration (GSA) approval, as the property, which was formerly the Post Office, is owned by the federal government.

According to the magazine, the lease with the federal government, with extension, runs for 100 years.

The House Oversight and Reform Committee, which examined the terms of the lease between the Trump Organization and the General Services Agency, recently revealed that the Washington hotel lost $70 million between 2016 and 2020, both reports noted.

The Wall Street Journal notes that the hotel’s revenue over those four years was $150 million.

Reports for the whole of 2020 and the first weeks of 2021 indicated that revenue from Feature The newspaper added that it had fallen to $15 million from $40 million in 2019 due to the impact of the pandemic.

With information from EFE