(FreedomBeacon.com)- Former President Donald Trump is officially selling off the rights to his Washington, D.C. Hotel – a hotel that he has prized.
The Wall Street Journal reported that CGI Merchant Group, an investment firm from Miami, Florida, is currently in talks with the Trump Organization to buy the lease from the hotel which is located only a few blocks from the White House.
CGI is reportedly planning to rebrand the stunning hotel building, which was formerly known as the Old Post Office and was renovated top-to-bottom by Donald Trump’s company, as a Hilton Waldorf Astoria hotel.
Technically the building is still owned by the federal government, so what the Trump Organization is really selling is the 100-year lease.
The hotel, with its 263 rooms, is expected to change hands during the first quarter of 2022 and the sale price is expected to be more than $370 million.
The Trump Organization won the approval to develop the site in 2012, beating both Hilton and Marriott. The company agreed with the General Services Administration to spend $200 million to renovate the property.
When Trump became president, he officially resigned from the company and put his assets into a trust run by his two sons. Since then, Trump hotels have been run by his family and despite the degree of separation the Democrats have continued to attack the former president and claim that he was behaving in an untoward or corrupt way.
Their obsession with the idea that Trump was profiting from being president led the Democrats to seek documents relating to the hotel’s operations, only to find that it had actually lost more than $70 million during his time in the White House.
So the truth is that the former president will likely be glad to see the back of the hotel – and the fact that it has cost him money completely disproves the fake narrative that Trump became president for profit.