A Miami investment fund is about to close on its purchase of the Trump family’s rights to an opulent Washington, D.C., hotel, paying $375 million and beginning the process of rebranding the property as a Waldorf Astoria.
CGI Merchant Group agreed to buy the lease to the property in November. The hotel is owned by the federal government, but with extensions the lease runs close to 100 years. It is housed in the former Old Post Office, which is located a short walk down Pennsylvania Avenue from the White House.
