The Trump Organization has put the remainder of the lease for the Old Post Office Building in downtown Washington, DC, the home of the Trump International Hotel Washington, a project the company opened just four and a half years ago, the Washington Post reports.

The Trump Organization retained the brokerage services of the Newmark Group, a commercial real estate advisory firm based in New York City, to manage the property lease and any potential bids.  This is the second time since the hotel opened that the Trumps have tried to unload the lease.

The hotel has never been a commercial success.  High-profile restaurateurs José Andrés and Geoffrey Zakarian pulled out of the project before the hotel opened because of Donald Trump’s inflammatory political positions.  During the Trump presidency, business for the property was dependent on lobbying groups and political entities trying to cozy favor with Trump.

The hotel suffered, like nearly all of the hospitality and tourism industry, by the coronavirus pandemic in 2020, seeing a 62% drop in revenues.  Business is not expected to pick up because of the toxic brand Trump has become.

When they were awarded the project in 2013, Trump put about $200 million into the hotel, thanks largely due to a $175 million loan from Deutsche Bank.  When the company tried to sell the lease the last time, in 2019, Ewic Trump, an Executive Vice President of the Trump Organization, said they would entertain offers in the $500 million range.

Donald Trump is currently under a investigation by New York’s attorney general and the Manhattan district attorney for manipulating the values of his properties for tax purposes and possibly for falsifying paperwork for bank loans.