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 09:32 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
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys Fairfield Metro dev site
    NJ developer buys Fairfield Metro dev site
    Marcus & Millichap Associate David Ferber in front of part of the 30-building, 319-unit portfolio concentrated in Jersey City (Marcus and Millichap, iStock)
    Hot rental market boosts NJ multifamily despite rate hikes
    Hot rental market boosts NJ multifamily despite rate hikes
    A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
    On the dock-et: Shelter Island inn owner sues town
    On the dock-et: Shelter Island inn owner sues town
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Pyramid Management Group's Stephen Congel and Crossgates Commons in Albany (Pyramid Management Group)
    Pyramid lands refi to keep shopping center afloat
    Pyramid lands refi to keep shopping center afloat
    Woodbury Common Premium Outlets in Central Valley, NY with Simon Property Group CEO David Simon (Simon Property Group)
    Simon to add 160K sf, hotels to Woodbury Common
    Simon to add 160K sf, hotels to Woodbury Common
    5000 Corporate Court in Holtsville, NY (JLL, iStock)
    Tri-state deal roundup: RXR, Veris, CBRE, Lidl make waves
    Tri-state deal roundup: RXR, Veris, CBRE, Lidl make waves
    1 Morton Avenue in Albany (NY Courts, iStock)
    Cockroaches invade Albany courtroom during rent activists’ arraignment
    Cockroaches invade Albany courtroom during rent activists’ arraignment
    arrow_forward_ios

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

    Loading...