The Trump Organization may sell its Trump International Hotel in Washington D.C., following years of criticism that the family is disregarding ethics laws by continuing to profit from it during Donald Trump’s presidency.
The company has hired JLL to market the hotel and is party looking to sell it because of the ethics criticism the family has faced, Eric Trump told the Wall Street Journal. Several groups have said they are interested in buying it, he told the publication. They hope to sell it for more than $500 million, which would make it one of the priciest hotel deals ever.
The building is 121 years old and located in the former Old Post Office near the National Mall. The federal government owns the building but leases it to the Trump Organization through the General Services Administration. The agreement with the GSA allows Trump to sell his interest in the Old Post Office lease as early as October 26, 2019, said attorney Susan Simpson.
Donald Trump famously did not sell his businesses after winning the presidency and has frequently visited and talked up the hotel since his election. Revenue increased by roughly $400,000 to hit $40.8 million last year, while revenue at several of his other properties dropped.
“Since we opened our doors, we have received tremendous interest in this hotel, and as real-estate developers, we are always willing to explore our options,” Eric Trump said in a statement. “People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.” [WSJ] – Eddie Small