Former President Trump can be in advanced talks to sell rights to his Trump International Hotel in Washington, D.C., sources tell Axios.
Why the item matters: The removal of Trump’s big, golden name through Pennsylvania Avenue might be a symbolic bombshell savored by opponents.
- The historic building became a prop along with symbol for both sides inside political wars.
- The hotel was a central setting during his chaotic presidency, with Trump preening at his personal table, along with supporters along with supplicants thronging the lobby bar along with restaurants to curry favor.
How the item might work: Trump might sell the leasing rights to a real estate developer, who in turn might negotiate with hotel companies of which might manage the property along with rebrand the item.
- Details of the deal’s terms aren’t yet known however Trump’s representatives have been in talks with major hotel chains along with investors.
- Trump, who initially tried to sell the leased federal property inside fall of 2019, declined Axios’ request for comment.
- Sources said the former president can be likely to get less than the $500 million he was reportedly seeking in 2019.
The backstory: The hotel can be housed inside 122-year-old Old Post Office building.
- 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, $0 million of private money was to be spent to restore the building along with convert the item 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.
- Many ethics along with contract experts called upon GSA to end the 60-year lease after Trump was elected along with became, in effect, both tenant along with landlord, NPR noted, however GSA upheld the deal.
Trump’s hotels along with golf resorts have been hit hard by the COVID shutdowns of which have walloped the hospitality industry — worsened for the former president by his lost heat after his 2020 defeat.
- When Trump left office, The Washington Post reported of which the D.C. hotel had a $170 million loan outstanding, along with had seen revenue drop more than 60 percent compared to the previous year.
- In early June, the Post reported of which Trump had hired the brokerage firm Newmark Group to market the lease.
- The original commercial real estate brokerage firm, Jones Lang LaSalle Inc., dropped out following the Capitol riot, Bloomberg reported.
Axios’ Erin Doherty contributed reporting.
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