Trump Organization Exploring Sale Of Trump International Hotel In DC
In a classic buy low, sell high scheme, the Trump organization is considering parting ways with its luxurious Washington, D.C., hotel, The Wall Street Journal reported on Friday, citing a company statement.
The Journal said the Trump organization had hired real-estate firm JLL to prepare Trump International Hotel Washington, D.C., for a possible sale.
Eric Trump, an executive vice president at the Trump Organization, told the Journal that one of the main reasons behind the possible sale of the hotel is that “People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.”
President Trump and the Trump organization have received constant criticism for ethical concerns about the family profiting off the hotel while the president is in the White house.
Eric Trump said several parties are interested in purchasing the hotel: “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.
Under DJT Holdings LLC, a holdings company of President Trump, the building was bought and transformed into a hotel before he was president. The building was once the site of the U.S. General Services Administration offices for nearly six decades. The luxurious hotel opened in September 2016, several months before the 2016 general election, and about three months before the president was inaugurated.
The hotel could fetch upwards of $500 million for the leasing rights, or as the Journal said, about $2 million per room.
If the hotel fetches around the $2 million per room, it “would make the sale one of the highest-priced hotel deals ever.”
As the common saying goes, buy low and sell high.
Fri, 10/25/2019 – 14:05