The besieged Trump Organization is in advanced talks to sell the property and management rights to the Trump International Hotel in downtown Washington, DC, a showcase property in the company’s portfolio, Axios reports.
The hotel, built in the historic Old Post Office building owned by the federal government, has been a financial underperformer particularly over the course of the coronavirus pandemic. During the Donald Trump administration, the hotel was used by lobbyists and others trying to curry favor with Trump as a way to line is pockets.
Trump signed a 60-year lease on the property in 2013, committing to spend at least $200 million on the redevelopment of the site. As of the start of 2021, the outstanding debt on the property was $170 million. Revenue has dropped 60% over the previous year.