Trump Organization reportedly selling Washington hotel for $375m

The Trump Organization has reportedly reached a deal to sell its prized Washington hotel for $375m (£279m), BBC News reports.

Under the planned sale, the Trump International will be renamed the Waldorf Astoria and managed by the Hilton group, according to reports.

Last month, a US congressional probe found the hotel lost more than $70m during Donald Trump's presidency.

The former US president's company opened the hotel to the public in September 2016.

The Trump Organization, which bought a 60-year lease on the building, had been looking for buyers for the 263-room hotel since 2019.

The deal with Miami-based investment firm CGI Merchant Group is expected to be finalised in the first quarter of next year, sources told The Wall Street Journal and Bloomberg.

The 120-year-old building stands less than a mile away from the White House on Pennsylvania Avenue.

The Trump Organization won approval to redevelop the historic Old Post Office building in 2012.

It opened as a hotel four years later, just weeks after Mr Trump accepted the Republican Party's nomination to run for president.