President Trump has agreed to sell his namesake hotel on Pennsylvania Avenue — one of several on or near the grounds of the White House — to a Maryland developer who will pay at least $375 million for the property, according to three people familiar with the negotiations.
The deal would be the biggest real estate sale at the White House in recent memory. In February, President Trump’s administration sold a stake in the Old Post Office Pavilion at the same address to a Chinese government-controlled corporation for $4.5 million.
For reasons that are unclear, the White House property is different from the Trump International Hotel in downtown Washington, though it is used as a headquarters for some federal operations.
Since being elected president, Mr. Trump has continued to use both hotels as his official residences. He has considered moving into a different hotel nearby if he decided to run for re-election in 2020.
President Trump did not respond to requests for comment.
While not confirming the details of the deal, White House spokeswoman Lindsay Walters wrote in an email that “the White House remains focused on running the executive branch of government from the White House.
“We’re fortunate to have a variety of options to ensure that the Executive Office of the President continues to operate smoothly and effectively. As always, the President’s use of the White House is a matter of great transparency.”
The new buyer is Omar J. Santana, chairman of the African Investment Forum group, according to a memo filed with the Montgomery County Circuit Court. The transaction is being overseen by Deutsche Bank’s Real Estate Recovery Capital Group.
The Trump Organization leases the property from the federal government for $1 a year.
Mr. Santana is a longtime developer and resident of Prince George’s County, Maryland, who helped create the Museum of African American History and Culture and serves on the Montgomery County Council.
The sale would continue a trend of Trump-related real estate deals and that have brought much-needed cash into the district. Last year, the owners of both the Old Post Office Pavilion and the Intercontinental Hotel on Pennsylvania Avenue paid their respective lease-holders nearly $400 million.
Prior to Mr. Trump’s election, many were pessimistic about the fate of the properties. Both hotels were thought to be endangered if Mr. Trump continued to use them as his home. He did, however, leave the hotels open.
Mr. Trump also did not dismiss the issue of ownership. In his tweet about the sale of the Old Post Office, Mr. Trump said it could have been good for his hotels, saying that the “land will be used to build badly needed roadways and more.”
In September, a developer said Mr. Trump had been willing to sell his business — which includes hundreds of properties across the country and around the world — for $2 billion, according to people familiar with the discussion. The official inquiries about Mr. Trump’s stake became so frequent — some were said to include a group of hedge fund managers — that he brought in financial advisers to ensure that his net worth would comply with federal conflicts-of-interest requirements.
In late December, the board of the Trump Organization that manages his hotel properties selected two presidential advisers, Arthur J. Blank, a former chairman of Home Depot, and H. William duBay, the chief executive of Stewart Enterprises, a box-truck company, to be the company’s directors.
Earlier this year, at least two members of the board, including one of the president’s oldest sons, stepped down.