Former U.S. President Donald Trump is close to selling his luxury hotel in Washington, DC, for more than $370 million, The Wall Street Journal reported on Tuesday.
The lease for the Trump International Hotel could be acquired by the Miami investment firm CGI Merchant Group, the report said.
The firm has also considered removing the Trump family name from the hotel, the report said.
The hotel, situated along Pennsylvania Avenue not far from the White House, has been at the center of a political firestorm over allegations that Trump violated the emoluments clause of the Constitution — an anticorruption rule that bars government officials from receiving gifts or profiting from foreign governments — by profiting from foreign dignitaries staying at the hotel.
Trump said in financial disclosures that he earned over $150 million in income from the hotel between 2016 and 2020.
But the Trump International Hotel lost over $73 million during that period, documents released on Friday by the House Oversight Committee showed.
The committee said that Trump had to "inject at least $24 million to aid the struggling hotel" from a holding company owned by the former president himself.
"The Committee found that President Trump provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures," the committee said in a statement. "By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel."
