Donald Trump’s family hotel company has reached an agreement to sell the rights to its glittering Washington, D.C., hotel for $ 375 million, according to people familiar with the matter.
CGI Merchant Group, a Miami-based investment firm, is in contract to acquire the hotel lease for the Trump International Hotel, which is located a short walk down Pennsylvania Avenue from the White House. CGI intends to remove the Trump name, and it has reached a deal with Hilton Worldwide Holdings Inc. HLT, -0.08% to have the property branded and managed by Hilton’s Waldorf Astoria group, these people said.