Trump Organization Gives Formal Notice to Sell DC Hotel
The Trump Organization gave formal notice to the General Services Administration (GSA) of plans to sell its Washington, D.C. hotel. The news comes after reports surfaced earlier that the company had agreed to sell the property for hundreds of millions of dollars.
According to The Hill, a GSA spokesperson said the agency "has been formally notified of the proposed transfer and is committed to conducting a thorough review to ensure compliance with all legal and contractual requirements."
Prior to GSA's announcement, several news agencies reported that the Trump Organization had reached a $375 million agreement with CGI Merchant Group.
CGI Merchant Group, an investment firm based in Miami, aims to rebrand the hotel and replace the Trump name with Hilton's Waldorf Astoria group, which will also manage the property.
The sale is expected to take place in the first quarter of 2022. However, GSA will need to conduct a review of the agreement before it goes through since the hotel, located in the Old Post Office, is federal property.