Negotiations are underway to rebrand Trump International Hotel in Washington. Under the deal being considered, Axios reports, former President Donald Trump would sell the hotel's leasing rights to a real estate developer. A hotel company would then reach an agreement with the developer to manage the Pennsylvania Avenue hotel—which occupies the 122-year-old Old Post Office building—and replace the gold "Trump" name. Terms of the deal haven't been released. Trump put the rights on the market in 2019 for more than $500 million, but no deal materialized. Trump declined to comment on the latest attempt to sell.
Before Trump was elected president, the Trump Organization signed a 60-year lease agreement with the federal government. That seemed like a conflict to ethics watchdogs and others once Trump took office, but the General Services Administration stuck to the lease. The hotel became a center of lobbying during his presidency, per the Guardian, with Trump often reigning over it from his personal table. Like the rest of the industry, Trump properties have suffered during the pandemic. Also, Trump is no longer in office. When Trump's term ended in January, revenue at the hotel had fallen 60%, per the Washington Post, and the place had a $170 million loan out. (Read more Donald Trump stories.)