Donald Trump is reportedly selling his D.C. hotel, the property once billed as the “crown jewel” of his real-estate empire but has since turned into a big-time money-loser.

The Wall Street Journal saysCGI Merchant Group has purchased the rights for the Trump International Hotel Washington, Washington. It will cost $375 million.

Trump’s name will come down from the hotel, which Hilton will run as part of its Waldorf Astoria portfolio.

Federal government owns the building. Trump secured a lease for the building to be developed into a hotel. It was opened in 2016 by Trump.

The property was used as a meeting place by right-wing lobbyists, supporters and other people who wanted to get along with Trump during his presidency.

Trump’s departure from office was the end of Trumpmania.

“Those people no longer have any reason to meet and try to find out what’s happening on the scene because the man is gone,” Kevin Chaffee, senior editor of Washington Life, told The Guardian in March. “So it must be like a ghost town.”

But even during Trump’s presidency, the hotel struggled financially, with a Congressional report last month finding that it racked up $70 million in lossesMore than four years.

According to the House Committee on Oversight and Reform, the Trump Organization was required to lend the hotel $27M and to seek preferential treatment in order to defer payments on the $170 Million loan. the Associated Press reported.

Trump was suing the hotel for allegedly benefiting financially from his presidency, in violation of the Constitution.

This suit was ultimately dismissedby the Supreme Court. However, Congress continues to examine the arrangements at property for possible conflicts of interest.

Noah Bookbinder is president of Citizens for Responsibility and Ethics Washington told The Hill that Trump should’ve been forced to ditch the property before he took office.

Instead, he said, Trump “rode out four years of using it for influence peddling and constitutional violations.”

“Selling it now that he’s out of office and the grift dried up is, to say the least, too little, too late,” Bookbinder told the website.

CNN notesThis deal will be subject to a General Services Administration review, expected to take place in 60 days.


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