Trump In ‘Advanced’ Negotiations to Sell DC Hotel
In a new and exclusive report from Axios, Donald Trump is said to be in advanced talks to sell off yet another one of his troubled properties. The Trump DC Hotel has seen its share of dubious press, from being Ground Zero for all of the MAGA faithful to rub elbows during the Trump Administration to hosting the Proud Boys and Roger Stone during the January 6th insurrection, with rooms selling at overinflated rates to those attending the rally at the Capitol.
According to Axios, Trump would sell the leasing rights to a real estate developer, who in turn would negotiate with hotel companies that would manage the property and rebrand it. Details of the deal’s terms aren’t yet known but Trump’s representatives have been in talks with major hotel chains and investors.
A scathing 2016 review of the hotel, which is housed in the 122-year-old Old Post Office building, in Vanity Fair called the experience of staying at the Trump DC “frightful” and like his first presidential campaign, “a big idea followed by lazy execution”.
The Trump hotel in Washington, DC is absolutely fucking empty. Just empty. Like the heart of the GOP. Jared Kushner and Ivanka aren’t making a single fucking dollar in Washington anymore. Beautiful. pic.twitter.com/XvbMqWCrZm
— Adam Parkhomenko (@AdamParkhomenko) August 28, 2021
Three years before Trump was elected, the General Services Administration (GSA), the federal landlord, announced a 60-year lease agreement with the Trump Organization. Under the 2013 agreement, $200 million of private money was to be spent to restore the building and convert it into a luxury development. The Trump Organization has been paying $250,000 a month in base rent, GSA said in 2017. The rent was to rise with inflation. When Trump left office, The Washington Post reported that the D.C. hotel had a $170 million loan outstanding, and had seen revenue drop more than 60 percent compared to the previous year.
BREAKING: A financially desperate Donald Trump is in advanced talks to sell the leasing rights to his Trump International Hotel in D.C. A real estate developer would negotiate with hotel companies that would manage the property and rebrand it under a new name.
— Jon Cooper 🇺🇸 (@joncoopertweets) September 4, 2021
Sources told Axios that it’s likely Trump will get far less than the $500 million he was reportedly seeking in 2019 when he originally attempted to sell the property.