Trump Organization to consider sale of D.C. hotel lease, sources say
Source: Washington Post
President Trump's company is considering selling the lease of its D.C. hotel, according to two people familiar with the discussions. The people, who spoke on the condition of anonymity to discuss plans they were not permitted to make public, said the Trump Organization had hired the firm JLL to market the project.
Trump's D.C. hotel has been a center of controversy since he entered office because Trump continues to own his business, which runs properties including the hotel, leading to charges of conflict of interest. Several lawsuits have alleged that Trump is violating the Constitution's ban on "emoluments," or payments by foreign governments, due to visits by foreign government officials to the hotel.
The company leases the building, the Old Post Office Pavilion, from the federal government's General Services Administration, but the terms allow for the sale of the lease under certain conditions.
The Trump Organization did not immediately respond to requests for comment. The Wall Street Journal first reported the possible sale. Eric Trump told the newspaper that, "People are objecting to us making so much money on the hotel, and therefore we may be willing to sell."
Read more: https://www.washingtonpost.com/business/2019/10/25/trump-organization-consider-sale-dc-hotel-lease-sources-say/
Original article and headline -
By Washington Post Staff
Oct. 25, 2019 at 12:56 p.m. EDT
The company has hired a real estate firm to market the Trump International Hotel, which it leases from the federal government, two people familiar with the discussions say. The hotel has been at the center of allegations and lawsuits claiming the president is violating the Constitution's ban on "emoluments," or payments from foreign governments.
This is a developing story. It will be updated.
https://www.washingtonpost.com/news/politics/wp/2019/10/25/the-trump-organization-is-considering-selling-its-d-c-hotel-business-according-to-people-familiar-with-the-discussions/
NYT just broke this story too because apparently the WSJ had it.
ETA -
to mahatmakanejeeves for tweet that has a link to the original WSJ article -
Link to tweet
TEXT
David Enrich
✔
@davidenrich
Woah. Trump Org is looking to sell its DC hotel, according to Eric Trump. by @CraigKarmin https://www.wsj.com/articles/trump-organization-exploring-sale-of-marquee-washington-hotel-11572019874
The Trump Organization is exploring a sale of the rights to the companys opulent Washington, D.C., hotel, a move it says is motivated partly by criticism that the Trumps are flouting ethics laws by...
wsj.com
12
12:20 PM - Oct 25, 2019
elleng
(130,974 posts)The 'building' has been a white elephant for a long time.
displacedtexan
(15,696 posts)Liquidation sale in preparation to flee the scene (USA) of the crimes?
enid602
(8,620 posts)Itll give him a little more cash for when he flees the country.
SharonAnn
(13,776 posts)YOHABLO
(7,358 posts)Mr.Bill
(24,303 posts)they are way behind on the lease payments?
In fact, I'd be willing to bet they have never made a payment.
Wellstone ruled
(34,661 posts)Hunch says,a Senator told him if he dumps his Hotel,he will not vote to Impeach.
NurseJackie
(42,862 posts)demmiblue
(36,865 posts)mahatmakanejeeves
(57,489 posts)October 25, 2019
The Wall Street Journal reports:
The Trump Organization is exploring a sale of the rights to the companys opulent Washington, D.C., hotel, a move it says is motivated partly by criticism that the Trumps are flouting ethics laws by profiting from the property.
President Trumps family business has hired the real estate firm JLL to market the Trump International Hotel, Eric Trump, an executive vice president at the Trump Organization, told the Wall Street Journal on Friday.
-- -- -- -- -- --
Woah. Trump Org is looking to sell its DC hotel, according to Eric Trump. by @CraigKarmin
Link to tweet
BumRushDaShow
(129,096 posts)Jarqui
(10,126 posts)unemployed Kurds will make great caddies ...
mahatmakanejeeves
(57,489 posts)The Trump Organization is exploring a sale of its landmark Washington, D.C., hotel, partly over criticism that profiting from it flouts ethics laws
Link to tweet
abqtommy
(14,118 posts)resignation look good. It's obvious that tRUMP's primary concern is income while destroying the US is
only of secondary interest to him.
flibbitygiblets
(7,220 posts)That old rag? It's fake news, haven't you heard, Eric?
sarcasm thingy here
thesquanderer
(11,990 posts)Translation: "We're losing money on this white elephant, let's see if we can find a sucker."
Hekate
(90,714 posts)Lonestarblue
(10,011 posts)I remember some stories from last year about overdue property tax bills. Some of the overseas properties are losing money. They lost the management contract on a Panama building and I think one in Toronto. The Doral is in financial trouble.
Any potential buyer should just wait until Trump leaves office in 2021 and we all find out that they're way behind on lease payments. Trump doesnt like paying for things, including the security costs for his rallies even though he raises lots of money at them, so it would come as no surprise to learn that he is stiffing the federal government. Are his lease payments a matter of public record?
Retrograde
(10,137 posts)And even if it did, wouldn't it still be flouting ethics rules?
Yo_Mama_Been_Loggin
(108,034 posts)ToxMarz
(2,169 posts)quid pro quo. They extorted $100's of millions from Qatar too bail out Kushners 666 building.
BumRushDaShow
(129,096 posts)But when the Qatar deal fell through in 2017, that is when they went full force after them with targeted charges that caused the other countries in the region to sever ties as "punishment".
Eventually they got bailed out with a 99-year lease agreement -
Brookfield will assume operations of 666 Fifth Avenue via a 99-year lease
By Amy Plitt@plitter Aug 6, 2018, 9:15am EDT
After months of speculation, Kushner Companies and Brookfield Properties have made it official: Brookfield announced last week that the two companies reached a deal over 666 Fifth Avenue, the beleaguered building that was once seen as the crown jewel of the Kushner clans real estate holdings.
The deal, which was first reported by the Wall Street Journal, gives Brookfield a 99-year lease for the building; it will both operate and plan a major redevelopment program to upgrade it, according to a press release. It remains to be seen what the redevelopment will look like, though likely less ambitious than Kushners previous (and ultimately scrapped) plan to replace the whole thing with a Zaha Hadid-designed supertall.
Though the terms of the del were not clear, the WSJ notes that deal is larger-than-expected; according to [p]eople who have been involved in the talks, it would generate enough cash to allow Kushner to pay off the more than $1 billion it owes for the building.
https://ny.curbed.com/2018/8/6/17654692/kushner-companies-brookfield-666-fifth-avenue-deal
dawnie51
(959 posts)they were making money at this hotel vis a vie the presidency. And now to placate us they're going to sell it. This tells me that the cash flow is slowing down, and they are about to be held accountable for either maintenance or other expenses they don't want to pay for. AND THEY'RE SCARED. They are afraid, and seriously looking for a way out. Do not give an inch now.
Corgigal
(9,291 posts)for their new building, since the other one is a dump.
Wouldnt that burn his ass?
keithbvadu2
(36,829 posts)It's getting cash flow because countries/conservatives curry favor with Trump.
What value does that give a future owner?
Barr will host the next party at Chuck E Cheese?
BumRushDaShow
(129,096 posts)with an international trip to be close to Mother Russia by going to this one in Azerbaijan (largest in the world) -
klook
(12,157 posts)Https://www.kfc-az.com/
BumRushDaShow
(129,096 posts)Link to tweet
TEXT
KFC
✔
@kfc
The world's largest KFC just opened in Baku, Azerbaijan. #SoGood.
View image on Twitter
61
5:53 PM - Nov 7, 2012
https://www.rferl.org/a/kfc-biggest-in-the-world-baku-azerbaijan/24768712.html
Scarsdale
(9,426 posts)shell company, who will hold onto it for the tRump mafia. Either that, or else Ivanka and Kushner will privately buy it. If it is as profitable as they claim, no way will they let it go. They NEED the profits. Since when does he worry about the Emoluments Clause? He breaks that every time he goes off to play golf at one of his own properties, pocketing any profits.
BumRushDaShow
(129,096 posts)But whatever they think they may do with the lease, GSA has to approve it.
Of course the fact that GSA even allowed them to continue to operate in there after the election against the Emoluments Clause, means that GSA hase been corrupted... so who knows.
Talitha
(6,593 posts)Faux pas
(14,681 posts)It's what they do, not what they say.
The_jackalope
(1,660 posts)Say it ain't so, Joe (or Hunter)
yellowcanine
(35,699 posts)Fritz Walter
(4,291 posts)At least none of the major brands: Marriott, Sheraton, Omni, Four Seasons, Hampton Inn, Holiday Inn, Best Western...
I think the Bates Motel closed after its manager was locked up. ("Psycho"
Also, the "Shining" ghosts at the Overlook Hotel are there for a reason, and probably not interested in branching out.
yellowcanine
(35,699 posts)getagrip_already
(14,764 posts)It won't be domestic money. Nobody would pay that kind of money without getting something like taiwan or the straights of japan in return.
Remember this is trump. He gives away things he doesn't own for personal benefit.
JustABozoOnThisBus
(23,350 posts)After all, he just gave them a nice chunk of Syria to cleanse of pesky Kurds.