Trump Sells Washington Hotel To Miami Investment Group For $375 Million

A Miami-based investment group bought the lease to the Trump family’s Washington D.C., hotel on Pennsylvania Avenue for a reported $375 million on Wednesday.

“As a family, it has been an honor and a privilege to redevelop the Nation’s Old Post Office,” Eric Trump, who is the executive vice president of the Trump Organization, said in a Wednesday statement. “We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world.”

CGI Merchant Group will partner with Hilton Worldwide Holdings Inc. to re-open the hotel housed in the Old Post Office building as a Waldorf Astoria property.

The hotel was a point of controversy during former President Donald Trump‘s time in the White House. Republican meetings were often held there. Though Trump resigned from his position with the Trump Organization when he assumed the presidency, he transferred his assets to a trust run by his sons. Critics widely accused Trump of still being able to profit off the hotel.

The hotel is still technically owned by the federal government, but the Trump family bought a lease that includes the rights to renovate the building in 2012.