Donald Trump is on the brink of selling the rights to his Washington D.C. hotel, Trump International, according to Axios.
The building on DC’s Pennsylvania Avenue, with Trump’s name emblazoned in gold capital letters outside, became an iconic setting during the former president’s time in office.
His ownership of the business through the presidency drew accusations of conflict of interest, as it continued to play host to foreign governments and various corporations.
The historic hotel, housed in the 122-year-old former Post Office building, is expected to go for less than the $500 million that Mr Trump was reportedly seeking in 2019, when he initially tried to sell it.
Experts say the value has been hit by the Covid shutdowns that weakened the hospitality industry, while many would-be buyers are put off by the association with the controversial former president. The original commercial real estate brokerage firm, Jones Lang LaSalle Inc., backed out of involvement in the hotel’s sale after the Capitol riot of January 6.
When Trump left office, the D.C. hotel was reported to have an outstanding loan of $170 million loan outstanding, and dropping revenues.
While details of the potential deal are not yet known, Mr Trump’s representatives have been in advanced talks with major hotel chains and investors, reports Axios. It’s likely he will sell the leasing rights to a real estate developer, who would then deal with hotel companies to manage and rebrand the property.
As talks over a potential sale continue, speculation is heating up as to whether or not Mr Trump will seek reelection in 2024. On Thursday last week, his former senior adviser Jason Miller told Cheddar News he thought the likelihood of Mr Trump running for president again was “somewhere between 99 and 100 percent.”
