According to a report in the Wall Street Journal, Donald Trump and his family are close to sealing a deal to sell off the lease of Trump International Hotel in Washington, D.C. The report states the deal appears to be for between $370 and $400 million for the hotel that was previously the Old Post Office.
According to the Journal, a Miami-based investment firm known as CGI Merchant Group "is in talks to acquire the lease on the hotel."
"The property is owned by the federal government, but with extensions the lease runs close to 100 years. CGI has also entered into discussions with hotel operators, including Hilton Worldwide Holdings Inc.'s Waldorf Astoria luxury brand, about removing the Trump name in favor of that of another hotel manager," the Journal reported.
"The removal of Trump's big, golden name from Pennsylvania Avenue would be a symbolic bombshell savored by opponents," Axios noted earlier this year.
According to the report, two years ago the Trump's were hoping to move the lease for $500 million.
A recent report noted that the hotel has been a big loser for the family, with a House Committee of Oversight and Reform stating it appears to have lost $70 million.
Once a hub for lobbyists and lawmakers, The Washingtonian recently reported it has become a ghost town since Trump lost re-election, with the bar and lobby sitting empty on Friday nights when it used to be packed.