The details of the terms of the deal are unknown, but the businessman’s representatives are negotiating with major hotel chains, the Axios portal notes.
Former U.S. President Donald Trump is close to concluding a deal on the sale of the lease rights of the Trump International Hotel owned by him, located in the center of Washington. This was reported on Saturday by the Axios information portal, citing its sources.
According to them, the Trump Organization company, owned by the family of the former head of state, intends to sell the lease rights to a development company, which, in turn, will begin negotiations with hotel companies, and they will already dispose of real estate and rebrand it. Details of the terms of the deal are still unknown, but Trump’s representatives are negotiating with major hotel chains and investors.
In November 2020, the company of the ex-president suspended indefinitely attempts to sell lease rights due to the lack of those willing to invest the requested $500 million in this.
The portal notes that the hotel has recently suffered financial losses both due to the pandemic of the new coronavirus and because the brand is associated with the name of the former head of state, whose policy had many opponents. Thus, many representatives of the liberal public, businesses, and foreign clients, for ideological reasons, refuse to stay in a Washington hotel associated with the name of the former owner of the White House.
The post office building, built more than 120 years ago, located on central Washington Boulevard, was converted for $210 million for the Trump International Hotel. The building is owned by the federal government and leased to the Trump Organization for a long-term lease, which has pledged to pay $3 million annually for 60 years.