One of the biggest prizes in former President's Trump's constellation of hotels won't be in the family business much longer. The Wall Street Journal reports that Trump International Hotel in DC—located just blocks from the White House—is being sold and will become a Waldorf Astoria. The Trump family is selling the lease (the federal government actually owns the building) to CGI Merchant Group for $375 million. The hotel opened under the family name just before Trump became president in 2016, and the New York Times expects the Trumps to turn a profit on the investment even though the hotel has seen yearly financial losses. The deal is expected to close early next year.
As Axios notes, Trump International became a political lightning rod after Trump was elected. Supporters and potential business partners flocked there, while critics stayed away. Because foreign dignitaries stayed at the hotel, Democrats accused Trump of violating the emoluments clause of the Constitution, which prohibits federal officials accepting gifts or money from other governments. But none of the multiple lawsuits filed over the issue resulted in a penalty against the president or his business, notes the Washington Post. However, the House Committee on Oversight and Reform continues to investigate potential conflicts of interest with the Trump lease, and a spokesperson says "that won’t be fully resolved by selling off this hotel.” (More Donald Trump stories.)
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