Former president Donald Trump’s real estate company plans to sell the federal lease to its luxury D.C. hotel to Miami-based CGI Merchant Group, according to a report Sunday in the Wall Street Journal.
The Trump Organization, which leased the Old Post Office property beginning in 2013, has been in discussions with CGI Merchant about selling the lease, according to two people who spoke to The Washington Post on the condition of anonymity because of the private nature of the discussions. CGI Merchant signed a contract to buy the lease for $375 million, according to the Journal, citing anonymous sources.
Representatives for the Trump Organization and the General Services Administration, which manages the lease, did not immediately return requests for comment. The Post could not immediately confirm that the companies had signed a contract.
An investment firm whose investors include former Major League Baseball star Alex Rodriguez, CGI Merchant announced a fund last year through which it acquires hotels and partners with McLean, Va.-based Hilton Worldwide to operate them.
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