As business partners flee and the Trump Organization faces a criminal investigation, it seems like they need to free up some money
Photo: GC Images Like many investments in the portfolio of the former president’s business, the Trump International Hotel Washington, D.C., has been a financial burden for the Trump Organization. Despite bilking American taxpayers by forcing the Secret Service to pay for rooms in the hotel on Pennsylvania Avenue, the pandemic hit the hotel hard.
No relief came, and in January 2021, the Trump Organization faced a setback when its broker, JLL, backed out in the wake of the Capitol riot a mile down the National Mall. But with legal pressure and financial obligations mounting, the business is trying to get out of the lease again. According to the Washington Post, they have found a brokerage firm willing to work with them to unload the lease in a much more friendly real-estate market.
The potential sale comes in the aftermath of an insurrection that caused several major partners to sever their ties with the Trump Organization. It’s also taking place at the same time that Manhattan district attorney Cy Vance leads a criminal inquiry into the firm to determine if there were any actions that constituted fraud. As the Washington Post notes, it’s not yet clear if the “D.C. hotel will be a factor in Vance’s investigation into Trump’s business.
It’s not guaranteed that the Trump Organization will sell if it finds a buyer. After all, it remains to be seen if the former president’s name is as poisonous in the private sector as it was earlier this year. And if they get any interest, the new mark needs to offer an enticing package, which may not be coming either. In November 2020, the Trump Organization paused the sale after bids came in at less than half the $500 million asking price for the underperforming hotel.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Inside Story Of TikTok’s Tumultuous Rise—And How It Defeated TrumpThe social media app has faced plenty of corporate drama both inside and outside the company, according to interviews with more than a dozen current or former employees.
Read more »
Greene and Gaetz, staunch Trump fans, take their show on the roadMatt Gaetz and Marjorie Taylor Greene have followed the former president’s recipe for political success. They are light on substantive policy proposals, heavy on theatrics and outrage
Read more »
Watchdog Files Brief Against DOJ Push To Keep Trump Obstruction Of Justice Memo SecretThe memo is aimed at 'spinning damning findings' of the Mueller report into a Trump 'vindication,' the Citizens for Responsibility and Ethics in Washington said.
Read more »