The Trump Organization is in advanced talks to sell the rights to a prominent Washington hotel in a transaction worth more than $370 million, The Wall Street Journal reported Tuesday.
Miami-based investment firm CGI Merchant Group is pursuing the deal, and is in discussions with hotel operators like Hilton about taking over management of the property.
The government owns the property, but the Trump family signed a contract in 2013 for the rights to the opulent 19th-century building located in a former post office near the White House.
The contract with the General Services Administration (GSA), a US government agency, has a duration of 60 years with a possible 40-year extension and was awarded after the Trump Organization beat out other leading hoteliers.
The WSJ report comes just four days after a Senate report revealed that the hotel had lost over $70 million during Trump’s presidency, despite taking in millions in payments from foreign governments.
The Trump Organization has contested the committee’s findings, which has been probing the former president’s handling of conflicts of interest, saying the allegations were “irresponsible and unequivocally false.”
Trump’s company has roughly $300 million in mostly personally guaranteed loans coming due on the hotel in the next few years.
The reported offer from CGI would be the highest price paid for a hotel in Washington D.C. It would be almost double the initial investment the Trump Organization made into the property.