If you come to Washington, the Trump hotel has to be one of your destinations. The lobby, with its bars and seating, is spectacular.
The other fun part is that you never know who Republican glamosphere you’re going to see there. Tucker, Rudy, Lewandowski, etc., etc.
Anyway, looks like they’re going to flip the property. I like it as it is, but I hope the new owners will make it so I can get a gin and tonic without taking out a second mortgage.
From the Wall Street Journal:
President Trump’s real-estate business is considering unloading its opulent Washington, D.C., hotel, a move it says is motivated partly by criticism that the Trumps are flouting government-ethics laws by profiting from the property.
The family business, the Trump Organization, has hired the real-estate firm JLL to market rights to the Trump International Hotel, Eric Trump, an executive vice president of the company, told The Wall Street Journal. The Trumps don’t actually own the hotel, which is the former Old Post Office, but lease it from the federal government. With extensions, the lease runs close to 100 years, and a new owner could control the property well into the next century.
A number of groups have over time expressed interest in buying the hotel’s lease, Eric Trump said in a statement. “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,” he said.
He added that scrutiny of the hotel’s profits was another reason the family is considering a sale: “People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.”
The company is hoping to fetch more than $500 million for the lease rights, or a price of about $2 million a room key, people familiar with the matter say. That would make the sale one of the highest-priced hotel deals ever by this popular industry valuation metric, according to data tracker STR Inc.
Mr. Trump, breaking with recent precedent, didn’t sell his businesses after being elected president, instead placing his holdings in a trust to be run by his sons. That has sparked criticism from Democrats and watchdog groups that owning properties at which foreign, federal, state and local governments spend money could violate constitutional bans on the president’s receiving “emoluments”—things of value—beyond his fixed salary.