<p>Donald Trump’s family business has an agreement to sell its marquee Washington hotel, reaching a deal to fetch at least $375 million for a property that prompted ethical scrutiny and struggled to make money even as it drew steady crowds of lobbyists, lawmakers and Trump loyalists.</p>.<p>The deal so far is what is known as a purchase and sale agreement, meaning a final sale of the Trump International Hotel has not taken place and may not happen until early next year, according to three people with knowledge of the matter.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/trumps-washington-dc-hotel-lost-70-million-during-his-presidency-got-help-from-bank-1038799.html" target="_blank">Trump's Washington DC hotel lost $70 million during his presidency, got help from bank</a></strong></p>.<p>The sale of the lease of the hotel, which operates out of a landmark federal building on Pennsylvania Avenue, comes after years of financial losses at the property, which opened in 2016, shortly before Trump was elected president.</p>.<p>Still, with the significant price of the planned sale, the Trump family is expected to turn a profit on the overall investment.</p>.<p>The buyer of the lease is CGI Merchant Group, a minority-owned real estate investment firm in Miami, according to the people briefed on details of the pending transaction, which was reported earlier by The Wall Street Journal.</p>.<p>CGI is exploring a deal to rename the hotel, based in the Old Post Office building, under the Waldorf Astoria luxury brand.</p>.<p>The sale must first be approved by the General Services Administration, the federal agency that controls the property.</p>.<p>From the time of its opening, the hotel immediately drew crowds of Trump supporters and favor-seekers. For a businessman president, it was the ideal bridge between his two worlds: a Trump hotel five blocks from the Trump White House.</p>.<p>This blurring between Trump’s business and his presidency fueled attacks from congressional Democrats who charged that he used the property as the hub of an influence-peddling operation.</p>.<p>Trump’s critics filed lawsuits against him, arguing that business that the hotel received from foreign governments violated the so-called emoluments clause of the Constitution, which prohibits federal officials from taking gifts or payments from other governments.</p>.<p>CGI did not respond to a request for comment Sunday. A spokesperson for the Trump Organization did not respond to a request for comment.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Donald Trump’s family business has an agreement to sell its marquee Washington hotel, reaching a deal to fetch at least $375 million for a property that prompted ethical scrutiny and struggled to make money even as it drew steady crowds of lobbyists, lawmakers and Trump loyalists.</p>.<p>The deal so far is what is known as a purchase and sale agreement, meaning a final sale of the Trump International Hotel has not taken place and may not happen until early next year, according to three people with knowledge of the matter.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/trumps-washington-dc-hotel-lost-70-million-during-his-presidency-got-help-from-bank-1038799.html" target="_blank">Trump's Washington DC hotel lost $70 million during his presidency, got help from bank</a></strong></p>.<p>The sale of the lease of the hotel, which operates out of a landmark federal building on Pennsylvania Avenue, comes after years of financial losses at the property, which opened in 2016, shortly before Trump was elected president.</p>.<p>Still, with the significant price of the planned sale, the Trump family is expected to turn a profit on the overall investment.</p>.<p>The buyer of the lease is CGI Merchant Group, a minority-owned real estate investment firm in Miami, according to the people briefed on details of the pending transaction, which was reported earlier by The Wall Street Journal.</p>.<p>CGI is exploring a deal to rename the hotel, based in the Old Post Office building, under the Waldorf Astoria luxury brand.</p>.<p>The sale must first be approved by the General Services Administration, the federal agency that controls the property.</p>.<p>From the time of its opening, the hotel immediately drew crowds of Trump supporters and favor-seekers. For a businessman president, it was the ideal bridge between his two worlds: a Trump hotel five blocks from the Trump White House.</p>.<p>This blurring between Trump’s business and his presidency fueled attacks from congressional Democrats who charged that he used the property as the hub of an influence-peddling operation.</p>.<p>Trump’s critics filed lawsuits against him, arguing that business that the hotel received from foreign governments violated the so-called emoluments clause of the Constitution, which prohibits federal officials from taking gifts or payments from other governments.</p>.<p>CGI did not respond to a request for comment Sunday. A spokesperson for the Trump Organization did not respond to a request for comment.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>