Global hotel chains mulling bid for Trump Washington DC hotel

Tuesday, 09 Jan, 2020 0

Buyers interested in talking over the lease of the controversial Trump Washington DC hotel have until January 23 to table a bid.

Real estate firm JLL is talking it up, insisting there has been ‘robust activity’ despite the unrealistic asking price of $500 million for the ground lease.

That equates to more than $2 million per key which would be a record for DC if it fetched that price.

Major hotel chains like Hilton and Marriott International are also keen to take it over, the Wall St Journal reported, citing people familiar with the matter.

The Trump Organization signalled a plan to offload the hotel due to the constant negative media and legal challenges over the past few years.

The Journal says foreign private-equity firms and high net worth families are also in the frame to make a bid.

The hotel has performed poorly in comparison to rival hotels in the city.

It has a 57% occupancy rate compared to an average 75% at other high-end hotels in the city.

The hotel real estate asset will not be part of the transaction and remains under ownership of the Federal government.

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