Former President Donald Trump‘s family is advancing in discussions to sell the rights to its Washington, D.C., hotel for more than $370 million, according to a report.
CGI Merchant Group, a Miami investment company, is in a position to gain the lease of the Trump International Hotel in Washington. The hotel is located in the Old Post Office and down the street from the White House.
The federal government owns the property, but the lease runs for nearly a century, according to the Wall Street Journal.
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That lease might one day reach up to $400 million, double the amount of money that the Trump Organization committed to transforming the old government building into a lavish hotel.
The Trump Organization purportedly wanted to sell the lease for closer to $500 million, a person close to the matter said.
Since the 45th president left office, business for the hotel has decreased, and the House Committee on Supervision and Reform has reviewed the terms of the lease connecting the Trump Organization with the federal government’s General Services Administration, according to the report.
The hotel has lost more than $70 million since opening in 2016 and has required nearly $24 million in assistance, according to a Friday document from the committee.
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The former president has disputed the report, the WSJ said.
