Former President Donald Trump is reportedly in advanced talks to sell the rights to his Washington D.C. hotel, according to sources who reported on the issue to Axios.
The process would be very simple. Yahoo News outlines the step-by-step procedure. They write, “Trump would sell the leasing rights to a real estate developer, who in turn would negotiate with hotel companies that would manage the property and rebrand it.” Final details of the deal’s terms aren’t yet known to the public, but Trump’s representatives have been in talks with major hotel chains and investors.
Trump initially tried to sell the leased federal property in the fall of 2019. Many sources on the ground say that Trump is likely to get much less for the property than originally bargained for in 2019. The hotel itself is a prime spot for real estate, being housed in a 122-year-old Post Office building.
Three years before Trump was elected, the General Services Administration (GSA), the federal landlord, announced a 60-year lease agreement with the Trump Organization. The effects of the COVID-19 pandemic have left much to be desired for in the travel and lodging industry, the Trump hotel in Washington taking a large hit because of it.
ARTICLE: ETHAN FINN
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: CNN
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