The Trump Organization has reportedly closed a deal to sell its award-winning Washington hotel for $375 million.
Following the proposed sale, Trump International is set to be renamed Waldorf Astoria and is reportedly run by the Hilton Group.
Last month, a US Congress investigation found the hotel lost more than $70 million during Donald Trump’s presidency.
The former US President’s company opened the hotel to the public in September 2016.
The Trump Organization, which leased the building for 60 years, had been looking for buyers for the 263-room hotel since 2019.
Deal with Miami -based investment firm CGI The Merchant Group is expected to close in the first quarter of next year, sources told the Wall Street Journal and Bloomberg.
The 120-year-old building is less than a mile from the White House on Pennsylvania Avenue.
The Trump Organization received approval to renovate the historic old post office in 2012.
It opened as a hotel four years later, just weeks after Trump accepted the Republican Party’s nomination for the presidential nomination.