Things just haven’t been going well for disgraced former President Donald Trump since his eviction notice from the White House at the beginning of the year. Frankly, it seems as though the “Trump Stink” has all but consumed his life, as entities just don’t want to be associated with the guy who tortured the nation for four long years — and his brand is taking a hard hit from it.
For a while now, Donald and his family have been trying to unload their controversial Trump International Hotel in Washington D.C. For a long time, the hotel served as **the** place to be for Trump’s “adoring” fans as well as lobbyists looking to get in with Trump and his administration. However, that’s not going so well these days and the family has been trying to get out from under their massive lease on the place for a while now.
According to a report from Axios, the former First Family looks to be finally getting close to dumping the controversial establishment, but it’s likely Donald won’t be walking away with the asking price in his pocket.
Trump acquired the hotel that’s housed in the historic Old Post Office building three years before he started his one and only term in the US White House, via a 60-year lease between the federal landlord, the General Services Administration (GSA), and the Trump Organization.
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The D.C. hotel was slapped on the market before Donnie ultimately lost the 2020 presidential election to now-President Joe Biden back in November via the rights to the lease. However, no one was eager to snatch it up the massive commitment, and the subsequent COVID-19 pandemic that squashed the economy and all but halted travel certainly didn’t help matter much at all.
According to the report, a deal on the hotel’s lease is now apparently in the works — though the potential purchaser has not been revealed — but Axios notes, “Sources said the former president is likely to get less than the $500 million he was reportedly seeking in 2019.”
Jonathan Swan and Dan Primack with Axios report, “Trump would sell the leasing rights to a real estate developer, who in turn would negotiate with hotel companies that would manage the property and rebrand it,” going on to add, “Trump’s hotels and golf resorts have been hit hard by the COVID shutdowns that have walloped the hospitality industry — worsened for the former president by his lost heat after his 2020 defeat.”
“When Trump left office, The Washington Post reported that the D.C. hotel had a $170 million loan outstanding, and had seen revenue drop more than 60 percent compared to the previous year,” the report reads.
You can read the full report here.
Featured image via screen capture