UPDATED 6:18 PM PT – Saturday, September 4, 2021
The 45th president is reportedly close to selling his Trump International Hotel in Washington, D.C. According to an Axios article published on Saturday, Trump would sell the leasing rights to a real estate developer who would later negotiate with hotel companies and rebrand the property.
The property located on Pennsylvania Avenue reportedly cost the Trump organization $250,000 a month in base rent, which was set to rise with inflation. The year of COVID was said to have had a detrimental effect on the hotel’s success.
Further details regarding the deal’s terms remain unknown, but the news outlet said representatives for Trump have been in talks with major hotel chains. Trump was reportedly looking to get $500 million for the property in 2019, but sources have said it’s likely he’ll get less.
NEW: Trump is in advanced talks to sell rights to his Trump International Hotel in Washington, D.C., sources tell Axios.https://t.co/CEKtvPcXjC
— Axios (@axios) September 4, 2021
The 45th president declined Axios’ request for comment.