The Trump Organization has reached an agreement to sell the rights to its Washington, DC hotel for $375m (£279m), according to the Wall Street Journal.
The newspaper reported that Miami-based investment firm CGI Merchant Group has entered into a contract to purchase the lease agreement for the Trump International Hotel.
The hotel is located in a historic building a few blocks from the White House that the Trump Organization leases from the US government.
The hotel was a popular gathering place for Trump supporters and foreign dignitaries.
The newspaper said CGI intends to remove Trump’s name and has reached an agreement with Hilton Worldwide Holdings to manage the property and have it flagged by Hilton’s Waldorf Astoria Group.
Last month, the US House of Representatives Oversight and Reform Committee said newly obtained government documents raised “disturbing” questions about the hotel.
According to the Democratic-controlled panel, Donald Trump He stated that the hotel earned him more than $150m (£112m) during his time in office, but has already lost more than $70m (£52m).
The commission found that the hotel received more than $3.7m (£2.76m) in payments from foreign governments – the equivalent of more than 7,400 nights at the hotel, raising a potential conflict of interest.
The hotel is located in the city’s second tallest building after the Washington Monument and formerly housed the US Postal Service.