- Oops!Something went wrong.Please try again later.
- American businessman and philanthropist
The Trump International Hotel on Pennsylvania Avenue was put on sale in 2019 as well but pulled off the market due to the pandemic.
The hotel, located in the Old Post Office Pavilion owned by the federal government, became controversial after Mr Trump was elected president. He continued to own the business even as the hotel served foreign governments, corporations, and others resulting in allegations regarding conflict of interest.
According to two people who wished to remain anonymous and familiar with the discussions, the former president’s company has hired a broker to sell the lease of the hotel, reported The Washington Post.
The news report said the hotel suffered financially from the pandemic as well as the damage to Trump’s brand due to his politics as many people, including corporate and international clients, are hesitant to book it for events or stay.
The documents accessed by the Post reveal that rooms at the hotel were running nearly half empty compared to the last time it was put up for sale. Mr Trump’s government disclosure forms reveal that the revenue at the hotel in 2020 fell by 62 per cent as compared to 2019.
If the company is lucky to sell the lease to the hotel this time, industry experts believe that in most probability the name of the hotel will be changed by the new operator to be able to attract a broader range of clients.
The sale of the hotel, however, depends on the price that the former president and his family agree to. The former president’s son, Eric Trump, during the 2019 attempt, had estimated a sale price of around $500m (£353.77m) including $200m (£141.5m) that went into renovating the property and a loan of $170m (£120.2m) to finance the project.
But there are concerns regarding the sale as some buyers might not be willing to deal with the former president’s company. Mr Trump was accused of inciting a crowd to march to the US Capitol on 6 January following which many brokers, banks, and law firms reportedly decided not to work with him or his company.