Trump Organization closes $375M sale of DC hotel that will become a Waldorf Astoria
Trump International Hotel signs coming down as CBI Merchant Group becomes new owner
The Trump Organization has completed the sale of its luxury hotel in the nation's capital.
Former President Donald Trump's company sold the Trump International Hotel in Washington, D.C., for a reported $375 million to the CGI Merchant Group, which will rebrand it as a Waldorf Astoria.
"We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world. We are incredibly proud of what we accomplished," Eric Trump said in a statement.
JUDGE: TRUMP COMPANY DOESN'T HAVE TO PAY COHEN’S LEGAL BILLS
The Trump Organization has been considering a sale of the hotel for years due to a lack of profitability. Trump's presidency heavily influenced the property, drawing business from allies and fans of the former president, but turning off critics and those seeking to avoid controversy.
Construction crews have already removed the Trump name from the building, and renovations to bring the property in line with Waldorf Astoria expectations are underway. Investors say they hope the new hotel will be open by the end of summer.
The Trump property was a prestige hotel with luxury amenities and services. Forbes gave the hotel five stars, and it has received awards from travel companies, hotel booking services and other outlets.
CLICK HERE TO READ MORE ON FOX BUSINESS
The hotel is located inside the Old Post Office building, which is owned and leased out by the federal government.
The Trump International Hotel in Washington originally went up for sale in 2019, with the organization hoping for a $500 million deal.