[Asia Economy Reporter Kwon Jae-hee] Internet media Axios reported on the 4th (local time) that negotiations for the sale of the 'Trump International Hotel' in Washington DC, operated by former U.S. President Donald Trump, are underway again.
According to the report, the former President Trump's side has been negotiating with major hotel chains and investors to sell the leasehold of this hotel building.
Although specific terms have not been disclosed, it is known that the amount will fall short of the $500 million proposed when former President Trump attempted to sell the leasehold in 2019.
Axios also reported that the current negotiations include not only asset management but also the issue of changing the hotel brand.
This hotel, which was renovated from the old post office building, is located in a building that the Trump Group leased long-term from the U.S. General Services Administration (GSA) in 2013 under the condition of paying $3 million annually for 60 years.
The Trump Group spent $200 million to fully renovate the building and opened it just before the 2016 presidential election.
The hotel was bustling during Trump's presidency but was hit hard by COVID-19, and the situation worsened after former President Trump lost the election last year.
The Washington Post (WP) reported in January that when former President Trump left office, the hotel's loan balance was $170 million, and sales had decreased by more than 60% due to COVID-19 and other factors.
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