Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Pandemic Slowdown Puts Sale of D.C. Trump Hotel on Hold
The Trump Organization’s plan to sell the lease to its high-end Trump International Hotel in Washington, D.C. is on hold because of the economic slowdown created by the coronavirus pandemic, the Washington Business Journal reported, citing a report by the Washington Post.
Last October, the Trump Organization said it was looking to sell the lease rights for more than $500 million. It brought in JLL’s Jeffrey Davis to market the hotel, and set a Jan. 23 deadline for bids.
However, the pandemic and its impact on financial markets have necessitated a delay until the real estate and hotel industries are back to normal, the Business Journal reported.
The 263-key property is in the renovated Old Post Office on Pennsylvania Avenue NW, and the Trump Organization operates the property on a long-term lease with the federal government. The General Services Administration would be involved in any sale of the lease.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
