Trump Organization explores sale of its Washington hotel
NEW YORK _ The Trump Organization is exploring a sale of the rights to operate its Trump International Hotel in Washington, which has drawn criticism and lawsuits over potential conflicts of interest. The hotel could fetch more than $520 million, according to people familiar with the matter.
Potential buyers _ both in the U.S. and abroad _ were contacted this week by real estate broker JLL, which was hired by President Donald Trump's family business, said one of the people, who requested anonymity because the discussions aren't public. The historic building, with 263 rooms and 38,000 square feet of meeting space, could sell for around $2 million per room, the person said.
A representative for JLL declined to comment, while Eric Trump didn't immediately respond to requests for comment. The Wall Street Journal reported the potential transaction earlier Friday.
The Trump International Hotel has become a magnet for foreign dignitaries, state government officials and lobbyists, raising questions about whether Trump is effectively profiting off people who spend money at hotels to curry favor with him. Trump has been the target of lawsuits and congressional scrutiny over whether he's violating the U.S. Constitution's emoluments clauses.
The Trump Organization has said it spent about $212 million to redevelop the historic Old Post Office, located a short walk down Pennsylvania Avenue from the White House. It leases the property from the federal government.
_Bloomberg News
