The Trump Organization reportedly plans to cut off bids on its Washington, D.C., hotel on Jan. 23.
The Trump Organization leased the property, within the Old Post Office building, from the federal government, and, with extensions, the lease lasts almost 100 years. A new lease owner could adjust the branding and managing of the building.
President Trump’s real estate business hopes to get more than $500 million for the lease rights, amounting to about $2 million per room, people familiar with the matter told The Wall Street Journal. But buyers have recoiled at that price, which hotel brokers say would be a record for the city.
The organization is reportedly willing to negotiate on price and other terms.
The Hill reached out to the Trump Organization and real estate firm JLL for comment.
“We are seeing robust activity and look forward to reviewing the official bids later this month,” said Gilda Perez-Alvarado, head of JLL’s hotels and hospitality group in the Americas, according to the Journal.
Trump Organization executive Eric Trump said in a prepared statement to the Journal, “We have received tremendous interest in this asset from the biggest names in hospitality and since we announced this opportunity, the momentum has only gotten stronger.”
The Trump Organization announced it was considering selling the rights of the Washington hotel in October.