Trump Organization makes a second attempt to sell its Washington, DC, hotel lease, The Washington Post reports

·2 min read
trump international hotel dc
The Trump International Hotel in Washington, DC. Mark Tenally/AP

As investigations concerning him heat up, former President Donald Trump is taking another stab at selling the lease to his company's hotel in Washington, DC, The Washington Post reported.

For a second time, the Trump Organization has hired a broker to sell the Pennsylvania Avenue hotel, after the pandemic hindered the first effort in fall 2019. The company took the property off the market after COVID-19 hit.

The Trump Organization has hired Newmark Group, a real-estate advisory firm, to market the property, which the company leases from the General Services Administration, The Post reported.

The Trump Organization did not immediately respond to a request for comment. Newmark Group declined to comment.

When the company first tried to unload the lease, rooms were running almost half-empty, The Post reported, and the property's revenue last year fell by more than 60%. The hotel continued to face financial setbacks, including the pandemic's impact on the luxury-hospitality industry and ongoing damage to the former president's brand following the 2020 election and January 6 insurrection.

The move comes one week after Cyrus Vance Jr., Manhattan's district attorney, announced that he was convening a grand jury as his office investigates whether the Trump Organization violated state law. The inquiry into Trump and his company's finances is wide-ranging and has been underway for more than two years.

It's not clear whether the DC hotel will play a role in Vance's investigation or a related investigation being led by Letitia James, New York's attorney general. The Post reported that the property has not been named in any public flings related to either case.

But The Wall Street Journal reported last week that Vance's office is investigating a slew of properties, including the DC hotel named for the former president.

Trump acquired the property, which is located in the Old Post Office, before he was elected in 2016, but the hotel became a hotbed for controversy during his presidency as Trump continued to own his businesses, spurring allegations of conflicts of interest.

The Trump International Hotel was at the center of lawsuits accusing Trump of violating the foreign-emoluments clause of the Constitution, which bars public officials from receiving gifts or cash from foreign or state governments without congressional approval.

Financial disclosures showed that Trump made at least $40.8 million from the hotel in 2018.

Read the original article on Business Insider

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting