bad business

Things are looking very bleak for Donald Trump’s failing D.C. hotel

Donald Trump‘s namesake Washington, D.C. hotel hasn’t been doing well for a while now and things continue to look pretty bleak.

The Trump Organization first put the 263-room property up for sale in 2019. At the time, it was asking for more than $500 million. But the pandemic killed the business and the hotel was taken off the market after sitting for over a year.

Now, the company is trying to unload it again… for $100 million less than it asked the first time around.

That’s quite a price decrease!

Bloomberg reports:

The Trump Organization is trying once more to sell the lease on its Washington hotel, a potential test of the lodging industry’s comeback and whether the stain of doing business with the former president has receded.

Donald Trump’s family-run firm has turned to Newmark to market the lease on the Trump International Hotel in Washington, according to people with knowledge of the matter.

The brokerage, part of billionaire Howard Lutnick’s financial-services empire, is looking to attract offers north of $400 million, said the people, who asked not to be named because the details are private.

The previous broker, Jones Lang LaSalle Inc., quit after the insurrection on the U.S. Capitol. Since then, the place has become a virtual ghost town.

In January, video from inside the lobby went viral on Twitter, showing a cold, barren, and empty landscape.

Then in February, CNN reported the hotel was struggling to attract any business.

A hotel employee explained, “We weren’t doing so bad until I’d say probably a month ago. It really, like, slowed down. It’s normal during this time of year to have this kind of slow down, but because of everything going on, it kind of really had a different time.”

And in March, the luxury travel agency Virtuoso announced it was cutting all ties with Trump Hotels, though they did offer a reason why, other than to say “many variables” were considered in the decision.

Since re-listing the property, the Trump Organization claims it has already received a bid “north of $350 million,” but that it rejected the offer because it wasn’t high enough; however, Brian Friedman, the real estate investor who made the offer, cited a much lower figure: $160 million.

Here’s what people on Twitter are saying about the whole thing…

Graham Gremore is the Features Editor and a Staff Writer at Queerty. Follow him on Twitter @grahamgremore.