Former President Donald Trump is in advanced negotiations to sell the rights to his Trump International Hotel in Washington, D.C., according to sources familiar with the matter.
Trump initially tried to sell the leased federal property, which is home to the 122-year-old Old Post Office building, in the fall of 2019. The sources said the former president is likely to get less than the $500 million he was reportedly seeking two years ago, according to Axios.
If the former president decides to follow through with a sale, the leasing rights would go to a real estate developer who would negotiate with hotel companies that would manage the property and rebrand it. The result would mean that the giant golden lettering on the outside of the building, featuring Trump’s name, would be removed.
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Reports of a potential sale of the property come as Trump’s other hotel and golf resort properties have sustained heavy losses during his presidency and have only gotten worse since the former president lost his bid for reelection in 2020.
The hotel served as a common meeting point for GOP operatives throughout the Trump presidency. The U.S. government spent $2.5 million in taxpayer funds to the former president’s company during Trump’s term in office, the Washington Post reported in October 2020.
When Trump left the White House, it was reported the Washington hotel had a $170 million loan outstanding and had seen revenue fall more than 60% compared to the year before, the outlet added in January.
The Trump Organization has been doling out $250,000 a month in base rent, the General Services Administration said in 2017.
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The real estate brokerage firm Jones Lang LaSalle initially was aiding with the hotel sale but dropped out following the Jan. 6 riot at the U.S. Capitol.
The Washington Examiner contacted the Trump Organization but did not immediately receive a response.
