For Sale? Trump Organization Puts Washington Hotel On The Block

The Trump Organization reportedly is considering the sale of its Washington, D.C., hotel, a center of controversy since Donald Trump entered the White House.

The Trump Organization has hired the real estate firm JLL to market Trump International Hotel, Eric Trump told the Wall Street Journal.

“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,” said Trump, an executive vice president in the Trump Organization. “People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.”

The hotel often hosts foreign dignitaries and businessmen hoping to curry favor with the administration.

Unlike his recent predecessors, Donald Trump did not divest himself of business interests when he entered the White House. Instead he put his holdings into trust and gave day-to-day management responsibilities to his sons. The company’s ownership of the hotel has led to charges of conflict of interest against the president as well as allegations he was violating the emoluments clause of the Constitution due to visits by foreign government officials. The Trump-branded hotel opened just before Election Day 2016.

The hotel is in the former Old Post Office, a 121-year-old building near the National Mall. It is owned by the federal government and leased to the Trump Organization for 60 years. The Journal said the lease could fetch $500 million or about $2 million per room key, making it one of the priciest hotel deals ever. Sale of the lease would have to be approved by the General Services Administration.

The Trump Organization won the bidding process to redevelop the property in 2012 and reportedly spent hundreds of million of dollars to convert the building into a luxury hotel. Financial disclosure reports indicate revenue at the facility rose to $40.8 million, up $400,000, last year while other properties in the Trump Organization portfolio have been struggling. To address the emoluments issue, the Trump Organization says it donated $191,538 to the U.S. Treasury in 2018 and $151,470 in 2017, money it said it made from foreign government guests.