The Trump Organization has revived efforts to sell the lease on its Washington hotel after previously failing to find a buyer willing to match its expected price.
Former president Donald Trump’s business hired Newmark to market the lease on the Trump International Hotel in Washington and is looking to attract offers north of $400 million, according to people with knowledge of the matter, who asked not to be named because the details are private.
The Trump Organization put the property on the market in October 2019, asking more than $500 million, but it failed to reach a deal as the Covid-19 pandemic devastated the industry. Jones Lang LaSalle Inc., the broker for the 263-room hotel, later parted ways with the company, part of a wider backlash by corporate America looking to cut ties with Trump for his role in inciting a mob at the U.S. Capitol.
Eric Trump declined to comment. The Washington Post earlier Tuesday reported the hiring of Newmark.
Trump admitted in 2012 that he paid too much for the property — a promised $200 million to renovate the historic Old Post Office and $3 million in annual base rent.
Prospects for the hotel, whose grand design and proximity to the White House stand out among the city’s luxury establishments, improved significantly after it opened in 2016 and Trump was elected president. It became a hub for conservative politics, hosting lobbyists, right-wing media figures and others trying to win favor with the administration.
Still, it sat on the market for more than a year last time without reaching close to the asking price.
Read more: Buy a piece of Trump: mansion, hotel and island getaways
The Trump Organization had said it attracted bids “north of $350 million” that the company rejected. Those who’ve gone public with their bids have cited much lower figures. Brian Friedman, a D.C. real estate investor, said he offered around $160 million.
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