trump is in advanced talks with the washington post to sell the trump international hotel after it struck financial difficulties during the covid
After being hard-hit by the coronavirus pandemic, former president Donald Trump is in advanced talks to sell one of his hotels.
The Trump Organization has hired a brokerage firm to sell the Trump International Hotel in Washington D.C.
According to Axios, details surrounding the deal remain unknown but Trump has been in talks with several major hotel chains.
Analysts expect he will receive less than $500million he requested when he attempted to sell the property back in 2019.
After being hard-hit by the coronavirus pandemic, former president Donald Trump is in advanced talks to sell the Trump International Hotel in Washington D.C. (pictured in Oct. 2016)
Details surrounding the deal remain unknown, however Trump (pictured last month leaving his Trump Tower building in New York) has been in talks with several major hotel chains
Trump currently leases the Pennsylvania Avenue property that houses the hotel.
The lease was established in 2013 under a 60-year agreement in which the Trump Organization paid a monthly base rent of $250,000 which was set to increase with inflation.
The Trump International Hotel in D.C. had its soft opening on September 12, 2016 and celebrated it's grand opening on October 26, 2016, about two weeks before Trump won the presidential election.
However, as seen with most of Trump's properties, it took significant financial hits after the pandemic broke out. When he left office, the Trump International Hotel in Washington D.C. saw a revenue decrease of more than 60 percent compared to the year prior.
With the anticipated sale, Trump would be selling the property's leasing rights to a real estate developer. That company would then negotiate with other hotel companies for management rights.
The five-star hotel, which is located in a 122-year-old former Post Office building, posses suites with 18-foot ceilings and some of the largest hotel rooms in the capital city.
The Trump Organization put in approximately $210million to renovate the property into a hotel.
The former post office building had a number of uses over the years, including - more recently - as a food court. The National Park Service continues to run a museum on the property, where visitors can ascend the clock tower.
During Trump's presidency, the hotel housed several lobbyists and supporters and was reportedly a 'prop and symbol' for both parties during political wars.
It was also a central location for events and other discussions during his presidency.
The five-star hotel, which is located in a 122-year-old former Post Office building, posses suites with 18-foot ceilings and some of the largest hotel rooms in the capital city
The Trump International Hotel Washington D.C. features a spacious lobby and bar area, where allies of the president are often spotted hanging out
The site also became a prominent location for protesters while Trump was in office. Thousands marched on the property, chanting and holding signs.
During one protest, demonstrators took a knee to show their support for the Black Lives Matter movement.
Another demonstration even included a sit-in at the hotel.
Trump forfeiting the hotel will likely be seen by his opponents as a symbolic and favorable feat.
The former president was scrutinized during his presidency for owning the property, facing criticisms over profits and ethics.
During Trump's presidency, the hotel housed several lobbyists and supporters and was reportedly a 'prop and symbol' for both parties during political wars. The site also became a prominent location for protesters
'Since we opened our doors, we have received tremendous interest in this hotel and as real-estate developers, we are always willing to explore our options, Eric Trump told the Washington Post in 2019 when talks of selling first arose.
'People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.'
Some critics argued that the property was a conflict of interest, citing General Services Administration's lease that states that no elected federal or DC official can benefit from the hotel.
The GSA, under the Trump administration, ignored subpoenas from the Democrat-led House Committee on Transportation and Infrastructure requesting information on how the agency deemed it appropriate that the Trumps remained holding the lease.
The Trump International Hotel in D.C. had its soft opening on September 12, 2016 and celebrated it's grand opening on October 26, 2016, about two weeks before Trump won the presidential election (Pictured: Trump family at the grand opening of the DC hotel)
There was also concern over weather Trump was violating the Constitution when the hotel was patronized by leaders from foreign governments.
However, potential conflict of interest issues disappeared after Trump was voted out of office.
In 2019, the Trump Organization sought $500million for the hotel, which was yielding revenue of $40.8million, $400,000 more than in 2018.
One night stays were starting at about $670 per night with suites running more than $3,000 at the time while other luxury hotel chains sought about $300 a night.
According to the hotel website, if one wanted to make a reservation for the hotel today, room prices would start at $396 per night with suites starting at $976 and signature suites at $1,236.
The dining area inside one of the suites at Trump International Hotel in Washington D.C.
A guest room bathroom at the Trump International Hotel in Washington D.C.
As of September 2021, room prices at the Trump International Hotel in D.C. start at $396 per night with suites starting at $976 and signature suites at $1,236
The hotel features several amenities including The Spa by Ivanka Trump