The Trump Organization has hired a brokerage firm to sell the Trump International Hotel in Washington D.C.
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.
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.
