The Trump Organization is exploring a sale of its Washington hotel, which has drawn criticism and lawsuits over potential conflicts of interest.
The hotel could fetch more than $520 million, according to a person familiar with the effort, who asked not to be named because the matter is private. Potential buyers -- both in the U.S. and abroad -- were contacted this week by JLL, the person said. The real estate broker was hired by President Donald Trump’s family business to explore a sale. The historic building, with 263 rooms and 38,000 square feet of meeting space, could sell for around $2 million per room, the person said. A representative for JLL declined to comment.
“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,” Eric Trump said in an emailed statement. “People are objecting to us making so much money on the hotel and therefore we may be willing to sell.”
The Trump International Hotel has become a magnet for foreign dignitaries, state government officials and lobbyists, raising questions about whether Trump is effectively profiting off people who spend money at hotels to curry favor with him. Trump has been the target of lawsuits and congressional scrutiny over whether he’s violating the US Constitution’s emoluments clauses.
The Trump Organization has said it spent about $212 million to redevelop the historic Old Post Office, located a short walk down Pennsylvania Avenue from the White House. It leases the property from the federal government. The Wall Street Journal reported the potential transaction earlier today.