Former President Donald Trump is in advanced negotiations to sell the rights to his Trump International hotel in Washington, DC, according to people familiar with the matter.
Trump first attempted to sell the leased federal property, which houses the 122-year-old Old Post Office building, in the fall of 2019. Sources said the former president would likely get less than the $ 500 million he was paying. ‘he was looking for. two years ago, according to Axios.
If the former president decides to proceed with a sale, the rental rights would go to a real estate developer who would negotiate with the hotel companies that would manage the property and rename it. The result would mean that the giant gold lettering on the exterior of the building, bearing Trump’s name, would be removed.
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Reports of a potential sale of the property come as Trump’s other hotel and golf properties suffered heavy losses during his presidency and have only worsened since the former president lost his candidacy upon re-election in 2020.
The hotel served as a common meeting point for GOP agents throughout the Trump presidency. The U.S. government spent $ 2.5 million in public funds on the former president’s business during Trump’s tenure, The Washington Post reported in October 2020.
When Trump left the White House, it was reported that the Washington hotel had a $ 170 million loan outstanding and had seen its revenue fall by more than 60% from the previous year, the point of sale in January.
The Trump Organization distributed $ 250,000 per month in base rent, the General Services Administration said in 2017.
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Real estate brokerage firm Jones Lang LaSalle initially helped sell the hotel, but dropped out following the January 6 riot at the United States Capitol.
The Washington Examiner contacted the Trump Organization but did not immediately receive a response.
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Key words: News, Donald Trump, DC, Hotel, Trump Hotel, Post Office, Business
Original author: Kaelan Deese
Original location: Trump in advanced negotiations to sell rights to DC hotel: report