Trump D.C. hotel closes after $375 million sale to Miami investor group

Why it matters: The hotel lost more than $70 million during former President Trump's term but was a mainstay for lobbyists and later became the center of ethics scandals.

• Housed in a building leased from the federal government, the hotel will be relaunched as part of the Waldorf Astoria Hotels & Resorts brand.
• The Trump Organization had initially sought a $500 million deal in 2019.

What they're saying: "We took a dilapidated and underutilized government building and transformed it into one of the most iconic hotels in the world. We are incredibly proud of what we accomplished," said Eric Trump, the former president's son and Trump Organization executive vice president, in a statement per NBC News.

Worth noting: "Hotel industry executives have said the hotel underperformed compared with other luxury hotels in the city ... in part because some companies and travelers were reluctant to book rooms or hold events at the hotel given the controversies surrounding Mr. Trump," the New York Times writes.

The big picture: The Waldorf Astoria Washington, D.C. is expected to open by early summer, the investor group said.

Editor's note: This article has been updated to reflect the signs' removal. Cuneyt Dil contributed to this report.