Trump in talks to sell International Hotel that was a Power Hub during his Presidency

Washington, Sep 4 (UNI) Former US President Donald Trump is in advanced talks to sell the rights of his Trump International Hotel in Washington D.C. that emerged as a power hub during his presidency, with diplomats, lobbyists and insiders rubbing shoulders in the uber-luxury settings, a news site reported on Saturday.
Details of the deal’s terms aren’t yet known but Trump’s representatives have been in talks with major hotel chains and investors, news site Axios reported.
Trump initially tried to sell the leased federal property in the fall of 2019.
The removal of Trump’s big, golden name from Pennsylvania Avenue would be a symbolic bombshell savoured by his opponents, says Axios.
The historic building became a prop and symbol for both sides in the political wars.
The hotel was a central setting during his chaotic presidency.
Trump is to sell the leasing rights to a real estate developer, who in turn would negotiate with hotel companies that would manage the property and rebrand it.
Sources told the news site that the former president is likely to get less than the $500 million he was reportedly seeking in 2019.
Three years before Trump was elected, the General Services Administration (GSA), the federal landlord, announced a 60-year lease agreement with the Trump Organization.
Under the 2013 agreement, $200 million of private money was to be spent to restore the building and convert it into a luxury development.
The Trump Organization has been paying $250,000 a month in base rent, GSA said in 2017. The rent was to rise with inflation.
Trump’s hotels and golf resorts have been hit hard by the COVID shutdowns that have walloped the hospitality industry — worsened for the former president after his 2020 defeat.
When Trump left office, the D.C. hotel had a $170 million loan outstanding, and had seen revenue drop more than 60 percent compared to the previous year.