The deal is a significant victory for the former presidentâ€™s company after business partners cut ties following the Jan. 6 Capitol riot by Trump supporters last year. The sprawling real estate company, owner of golf courses, clubs and office towers, had also been reeling from the impact of pandemic shutdowns.
The $375 million would more than make up for the $200 million Trumpâ€™s company put into renovating the historic, federally owned Old Post Office into a hotel, as well as the $70 million that a congressional oversight committee says the hotel lost during Trumpâ€™s four years in office.
One of Trumpâ€™s sons overseeing the business, Eric Trump, declined to comment aside from confirming that the green light from the feds was the last condition to closing the deal.
A spokesperson for Rodriguez didnâ€™t respond immediately to requests for comment.
Government ethicists have long criticized Trump for opening the hotel to lobbyists, diplomats and others who may have wanted to influence policy. The hotel has been at the center of several lawsuits and investigations, including one by the House Oversight Committee.
â€œA sale of the Trump Hotel does not resolve the committeeâ€™s grave concerns about former President Trumpâ€™s conflicts of interest,â€ said New York Democratic Rep. Carolyn Maloney, the committeeâ€™s chair. â€œNo one is above the law.â€
The Trump family is not selling the building itself, but a long-term lease it took out with the federal government in exchange for fixing it up and paying rent. That deal was overseen by the General Services Administration, the federal agency that completed the review of the sale.
When the new deal is finalized in the coming weeks, the new owners plan to strip the Trump name off the facade and turn the 263-room hotel into a Waldorf Astoria under a separate agreement struck with Hilton, the owner of that luxury brand.
Other changes are unclear, but if CGI, Rodriguez and the other investors follow the pattern of past deals theyâ€™ve done together, the property could turn from a magnet for supporters of Trump into a liberal-minded, environmentally friendly gathering spot.
The investors, through their CGI-led fund, have bought two Miami hotels and a third on the campus of Morris Brown College in Atlanta and rebranded them into a chain of â€œsocially consciousâ€ and â€œeco-friendlyâ€ properties.
CGIâ€™s chief executive, Jamaican-born Raoul Thomas, is a heavy Democratic party donor who has pledged 1% of room revenue to local charities, buying from local businesses and using eco-friendly products.
Rodriguez isnâ€™t the only celebrity investor. CGI confirmed that former boxing champion Floyd Mayweather Jr. is also in the fund and will be a part-owner of the hotel.