CGI Merchant Group purchases Trump hotel in DC; expected to remove Trump name

(CNN) The Trump Organization has reached a deal with the investment fund CGI Merchant Group to purchase the lease for the Trump International Hotel in Washington, DC, for $375 million, according to a person familiar with the matter.

The Miami group is expected to remove the Trump name from the ornate building located a short walk from the White House and is partnering with Hilton Worldwide Holdings to brand it a Waldorf Astoria, according to the person familiar. The deal is subject to approval by the General Services Administration (GSA), which will conduct a 60-day review, because the federal government owns the property.

The Wall Street Journal first reported news of the deal.

The CGI Merchant Group declined to comment to CNN. CNN has reached out to the Trump Organization for comment.

Former President Donald Trump's company had been in advanced talks with CGI Merchant Group this fall to sell the lease of the hotel, CNN previously reported.