Trump International Hotel Washington DC sale put on indefinite hold – By Robert Frank (CNBC) / Nov 19 2020
- The Trump Organization’s efforts to sell the Trump International Hotel Washington DC have been put on indefinite hold, casting doubts on the future of one of the president’s biggest financial bets, according to industry executives.
- The Trump Organization hired Jones Lang LaSalle to shop the hotel to potential buyers last fall hoping for a price of about $500 million.
- People familiar with the deal talks said none of the bids came close to the asking price, and several were for less than $250 million.
The Trump Organization’s efforts to sell the Trump International Hotel Washington, D.C., have been put on indefinite hold, casting doubts on the future of one of the president’s biggest financial bets, according to industry executives.
The Trump Organization hired Jones Lang LaSalle to shop the hotel to potential buyers last fall hoping for a price of about $500 million. People familiar with the deal talks said none of the bids came close to the asking price, and several were for less than $250 million. Jones Lang LaSalle confirmed to CNBC that efforts to sell the hotel are on “indefinite hold.”
The hotel, which became the glittering social hub of President Donald Trump’s Washington and a crown jewel of Trump’s business empire, now faces the added pressures of the coronavirus pandemic and the president’s post-election future.
