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Miami investment firm buys lease on Trump International Hotel in D.C.

Trump Hotel GOP Fundraiser
FILE – In this March 11, 2019 file photo, the Trump International Hotel is seen in Washington. In the weeks leading up to an invitation-only Republican fundraiser featuring an appearance by President Trump, room rates at the Trump International Hotel in Washington surged to as high as $6,719.  That’s more than dozen times the posted price for rooms on other weekends. (AP Photo/Mark Tenally)

A Miami investment group is buying the lease on Trump International Hotel in Washington, D.C. and will likely change the name.
The deal is reportedly worth 375-million-dollars for the hotel near the White House and it could be rebranded as a Waldorf Astoria.
The Trump Organization, which leased the Old Post Office property beginning in 2013, has been in discussions to sell the lease to Miami investment firm CGI Merchant.
It all depends on a review by the General Services Administration since the federal government owns the land and Trump rents it.
An investment firm whose investors include former Major League Baseball star Alex Rodriguez, CGI Merchant announced a fund last year through which it acquires hotels and partners with McLean, Va.-based Hilton Worldwide to operate them.
Hilton attempted to win the Old Post Office deal originally, partnering with a different investment group to turn the building into a Waldorf Astoria, but lost out when the GSA selected the Trump bid.