Trump to sell DC hotel for $375 million after it costs him $70 million

Donald Trump is selling his Washington Trump International Hotel for $375million – just one month after the former president was criticized for misleading the public about a ‘failing business saddled by debt.’

Miami-based investment firm CGI Merchant Group will acquire the five-star hotel’s lease rights from the Trump Organization and rebrand the federally-owned building after striking a deal with Hilton Worldwide Holdings Inc., The Wall Street Journal reported Sunday.

If the deal is finalized, it represents a 25 percent discount from the $500million the Trump Organization previously sought.

The purported sale comes after the Democrat-run House Committee on Oversight and Reform said in October that the former president concealed the fact his hotel incurred $70 million in net loses.

Trump instead boasted that the hotel netted more than $150 million during his presidency.

But far from being a revenue-generator, it was a ‘failing business saddled by debt,’ according to a letter the Oversight panel wrote to the General Services Administration (GSA), known as the nation’s landlord in October.

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