The Washington, D.C. hotel, Trump International, is being sold to A Miami based investment firm CGI Merchant Group and it will be renamed Waldorf Astoria and will be managed by the Hilton Group. The move comes after the Trump Organization lost more than $70 million during President Trump’s time in office according to a U.S. Congressional probe. The 263- room hotel was opened to the public in 2016 after buying a 60-year lease on the historic building in 2012.
The hotel sits less than one mile from the White House and is the Old Post Office building. The hotel became controversial once President Trump took office after winning the 2016 presidential election, in part, because Trump decided not to divest his ownership interest, something previous presidents have done with assets, but is not required under the law currently.