Trump Org taps Newmark to sell DC hotel

JLL was marketing the property but cut ties with Trump after the Capitol riot

National /
Jun.June 03, 2021 09:30 AM
Howard Lutnick and Newmark CEO Barry Gosin with Trump International Hotel in Washington, D.C. (Getty, Trump Hotels)

Howard Lutnick and Newmark CEO Barry Gosin with Trump International Hotel in Washington, D.C. (Getty, Trump Hotels)

If at first you don’t succeed, try again — with a new broker.

The Trump Organization is again trying to sell the ground lease on the Trump International Hotel in Washington, D.C., this time turning to Newmark to market it, Bloomberg News reported.

JLL had been marketing the property until it cut ties with the Trump Organization following the riot at the Capitol on Jan. 6.

Newmark, which is part of billionaire Howard Lutnick’s financial empire, is looking for offers worth more than $400 million, sources familiar with the matter told the publication.

The Trump Organization has been trying to sell the property since October 2019, at first asking $500 million, the publication reported. The marketing process was put on hold in November 2020 when bids came in lower than expected — and the pandemic didn’t help matters.

The latest sale attempt is happening at a time when the lodging industry is showing early signs of life, though it may take some time before the corporate travel and group events that keep the D.C. hotel industry afloat return.

The average occupancy rate at Washington hotels was 44 percent in April, the publication reported. By comparison, the rate was 72 percent in Miami and 52 percent in New York.

[Bloomberg News] — Cordilia James





    Related Articles

    arrow_forward_ios
    Buildots' Aviv Leibovici, Roy Danon and Yakir Sudry (Buildots)
    Construction-tech firm Buildots raises $60M in Series C round
    Construction-tech firm Buildots raises $60M in Series C round
    660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
    Brookfield signs first tenant at 660 Fifth Avenue
    Brookfield signs first tenant at 660 Fifth Avenue
    Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
    Major Food Group bringing members club to Hudson Yards
    Major Food Group bringing members club to Hudson Yards
    A photo illustration of self-storage units (iStock)
    Self storage still rising after pandemic surge
    Self storage still rising after pandemic surge
    Prologis' Heather Belfor (Zoom Info, iStock) Logistics, Warehouses
    Logistics inventory dips to historic low: Prologis
    Logistics inventory dips to historic low: Prologis
    Joseph Chetrit and Larry Gluck with the Yorkshire & Lexington Towers on the Upper East Side (UESMGMT.com, Getty, Gluck Family Foundation)
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
    Jamestown lands $425M to bring the metaverse to One Times Square
    Jamestown lands $425M to bring the metaverse to One Times Square
    Patrick Nelson of Nelson Partners Student Housing and the Skyloft Austin (Nelson Partners Student Housing, STG Design, iStock)
    Languishing student housing firm on the hook for $50M
    Languishing student housing firm on the hook for $50M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...