The lease to operate the Trump International Hotel was reportedly sold for $375 million to a Miami investment group.
Trump’s hotel in Washington, DC, is no more after a Miami investor group purchased its lease.
Workers were seen on Wednesday dismantling the sign outside the hotel bearing Trump’s name.
CGI Merchant Group purchased the lease and intends to rebrand it as a Waldorf Astoria.
A Miami investment group purchased the Trump International Hotel in Washington, DC, and wasted no time scrubbing the former president’s name from the property.
Videos from outside the hotel on Wednesday night showed workers tearing down the gold letters spelling “Trump International Hotel” hours after the deal was signed.
The New York Times reported that CGI Merchant Group bought the Trump family’s lease to operate the hotel for $375 million.
The building itself is owned by the federal government, The Wall Street Journal reported.
CGI Merchant Group, which counts the former New York Yankees player Alex Rodriguez among its investors, is expected to rebrand the hotel as a Waldorf Astoria, the Times report said.
In an op-ed article in December, the head of the watchdog group Citizens for Responsibility and Ethics in Washington described the hotel as the “epicenter” of corruption in DC during the Trump administration, where people who wanted to “curry favor” could stroll in and “flash cash.”
Forbes reported in October that the hotel had hosted officials from dozens of countries, though documents released by the House Oversight and Reform Committee indicated it lost at least $73 million during Donald Trump’s presidency.
Last week, the Trump Organization settled a lawsuit filed by DC’s attorney general over claims that the hotel had illegally profited off Trump’s 2017 inaugural celebrations by renting out space to the inaugural committee at above-market rates. The Trump Organization admitted no wrongdoing.