Trump in 'Advanced' Talks on Selling Landmark Hotel in Washington, Reports Say
WASHINGTON (Sputnik) - Former US President Donald Trump is negotiating to sell his Trump International Hotel in downtown Washington, the Axios news portal reported on Saturday, citing sources.
Trump is reported to be selling the leasing rights for his namesake hotel on Pennsylvania Avenue to a real estate developer, who will further negotiate with hotel companies. Further details have not been discovered yet, according to the media.
A similar attempt was made by Trump in 2019, and the price discussed was $500 million. This time the owner is going to get less, according to the sources of Axios.
The Trump Organization was paying $250,000 for the rent, according to the federal General Services Administration, as of 2017. But the payment should have risen over inflation. In addition, $200 million were put into the repairs to make the building a luxurious venue.
The deal was reportedly prompted by the COVID-19 crisis that hit Trump's other businesses too, for example, golf resorts.