Miami group that bought Trump’s D.C. hotel lease begins to make changes

The sale of the lease to the Washington, D.C., hotel run by Donald Trump’s company while he was president, a symbol of his power to GOP politicians who gathered there and of corruption to his critics, has been completed with a Miami-based investor fund.

The Miami Herald reported in November 2021 that the Trump Organization confirmed it had reached an agreement to sell the lease.

The Trump Organization said Wednesday it had completed the sale of the

Trump International Hotel to CGI Merchant Group of Miami for what it described as a record price per room for the city. Sources close to the deal demanding anonymity have said the price was $375 million, handing the Trump family business perhaps as much as $100 million in profit.

The new owners planned to remove the Trump name from the facade and rebrand the hotel a Waldorf Astoria. Workers were seen removing signage from the hotel Wednesday night.

The Associated Press reported this year that the group of investors includes former Yankees slugger Alex Rodriguez, who grew up in Kendall.

Many hotel experts did not expect the 263-room hotel down the street from the White House to fetch such a high price. The hotel lost more than $70 million during the four years of Trump’s presidency, including before COVID-19 pandemic shutdowns.

The high price, equivalent to more than $1.4 million a room, has drawn scrutiny from Democratic lawmakers. The U.S. House Oversight Committee this month requested documents from CGI listing all of its investors.

The hotel is the former Old Post Office building and is owned by the U.S. government. The Trump Organization agreed to pay rent to the U.S. and a cut of any profit upon a sale.