President Trump’s controversial hotel in Washington, D.C. – a short distance from the White House on Pennsylvania Avenue – is for sale for 500 million.
Patricia Tang, director of sales and marketing at the Trump International Hotel Washington DC, confirmed to CBS News on Friday that the real estate firm Jones Lang LaSalle has been hired to market the luxury hotel to buyers. He also confirmed that the Trump organization expects to receive 500 500 million, or about ً 2 million per room, for its 100-year lease rights to government-owned property.
The Trump organization told the Associated Press that the potential sale was partly to avoid criticism of the conflict of interest. The Trump International Hotel, which opened in late 2016 just before Mr. Trump was elected, has been a magnet for lobbyists and diplomats seeking the administration’s support.
“People are objecting to us making so much money at the hotel and so we may be willing to sell,” Eric Trump, the Trump organization’s executive vice president, told the AP in a statement. “Ever since we opened our doors, we’ve had tremendous interest in this hotel and as real estate developers, we’re always ready to explore our options.”
The Trump organization opened the luxury hotel in Washington’s Old Post Office building just months before Mr. Trump was elected president in 2016 – and has faced criticism and lawsuits ever since. Earlier this month,He said he would reconsider a previous decision to drop a lawsuit against Mr. Trump for allegedly taking advantage of the presidency through his shares in a hotel.
According to Mr. Trump’s financial disclosure report, he made more than 100 100 million from his assets in 2018, including about ً 41 million from a hotel in Washington last year.
Government ethics watchdogs say the president’s ownership of the hotel could lead to a conflict of interest. For example, a Washington Post report found that a lobbying firm with ties to the Saudi government paid 0 270,000 to the Trump Hotel in Washington between October 2016 and March 2017.
The news of the Washington hotel’s arrival comes at a time when the Trump organization is taking steps to remove its business name from the organization. Previous Week,That the White House no longer considers the Trump National Doral Miami Golf Resort as hosting the G-7 summit in 2020, as previously announced. Trump’s name was recently removed from two of New York City’s most famous ice skating rinks, which have long run the president’s company.
The Trump organization pays the federal government ماہ 250,000 a month to rent the old post office building, based on an agreement it signed in 2013. As part of the deal, the Trump family business agreed to renovate the property, eventually spending more than $ 200 million by the time the hotel opened in late 2016. According to Bloomberg.
Kathleen Clark, a government ethics expert and a critic of Trump, said the Trump organization could be sold now because she fears profits will fall if the president is not elected.
Clark, a law professor at the University of Washington in St. Louis, told the AP: “There is no reason to think that Republican activists or any trade union that wants to do good to the next president will choose this hotel. ” “It will be just another wonderful hotel.”
Other good government critics saw the risk with the sale itself: would the buyer pay more than the hotel price in an attempt to treat the management well? And what if the buyer is from abroad?
“If the Trump organization signs ‘for sale’ at the Trump International Hotel and asks for and accepts bids, it could create a massive conflict of interest with these people, foreign governments, investment funds or corporations.” Such purchases, “Robert Weissman, president of Public Citizen, a liberal-leaning consumer advocacy group, told the AP.
In his statement, Eric Trump addressed concerns about the conflict of interest, noting that the company deducts a check from the US Treasury each year to calculate “profits” from foreign government business on its hotels and other properties. As does. That was 1 191,538 last year, up from $ 151,470 last year.
The Wall Street Journal was the first to report. The hotel was for sale.