GABRIELLE TEMAAT(DCNF) Former President Trump is reportedly planning to sell the rights to his Trump International Hotel in Washington, D.C., Axios reported.
Trump hired the brokerage firm Newmark Group to market the property, the Washington Post reported. He is also in advanced talks to sell the leasing rights to a real estate developer who would rebrand and manage the property, Axios reported.
Details of the negotiations are not yet known, but Trump’s representatives have been talking with investors and hotel chains, according to Axios.
Trump tried to sell the property in 2019, but took it off the market when COVID-19 struck and many hotels closed, the Washington Post reported. He is likely to receive less than the $500 million he was seeking then, according to Axios.
The General Services Administration signed a 60-year lease with the Trump Organization in 2013. The agreement stated that $200 million would be spent to convert the 122 year-old Post Office building into a high-end hotel, Axios reported. The Trump Organization took out a $170 million loan to pay for the renovations, the Washington Post reported.
The former president’s hotels and golf resorts have suffered from COVID restrictions and his 2020 election loss. After Trump left office, his D.C. hotel saw a 60 percent revenue loss compared to the previous year, according to Axios.