The Trump Organization is in advanced discussions with a Miami-based investment firm to sell the rights to its Washington, D.C., hotel, a once prominent property that has since devolved into an ethical and financial headache for the ex-president, The Wall Street Journal reported Tuesday.
The Journal, in an anonymously sourced report, claimed Trump’s family company is nearing a deal to sell its lease on the Trump International Hotel, located in the Old Post Office near the White House, to Florida’s CGI Merchant Group.
The report suggested the deal could fetch anywhere between $370 million and $400 million, roughly $100 million less than what the family initially hoped it would get when it started shopping the sales market two years ago—but still very high for a property that has been bleeding money.
CGI Merchant Group, a firm focused on “socially conscious investing,” is also reportedly looking into removing the Trump name from the opulent hotel and has already entered discussions with other hotel operators like Hilton Worldwide Holdings.
Axios also reported last month that the Trump family business was nearing a deal on the hotel, but did not name the potential buyer (it’s unclear whether it was CGI Merchant Group).
The Trump Organization and CGI Merchant Group did not immediately respond to a request for comment from Forbes.