Sale of Trump's D.C. hotel on hold as commercial real estate industry reels

[BumRushDaShow]

Source: Washington Post




The commercial real estate industry has ground nearly to a halt due to coronavirus shutdowns, forcing buyers and sellers of major properties, including President Trump’s company, to put their plans on hold.

Trump’s firm, which he still owns, has had to press pause on the proposed sale of its D.C. hotel lease due to the market’s collapse as potential buyers wait for banks and investors to return normal operations. The company’s sales representative, Jeffrey Davis of JLL, confirmed to The Washington Post that the proposed sale of Trump’s lease to the federally owned Old Post Office Pavilion has been set aside as the industry recovers.

“We have toured only the most discerning buyers and are proud to be representing such an iconic asset,” he said. "Trump International Hotel, Washington D.C. is one of the finest hotels anywhere in the world and we look forward to working with the Trump Organization on finding the right fit once the industry is back up and running.”

Trump’s company, now run by Donald Trump Jr. and Eric Trump, announced the planned sale in October and set a January deadline for initial bids. It is unclear how many companies are pursuing the lease, which Trump signed with the federal government before his election, although BET co-founder Sheila Johnson was among the bidders.

Read more: https://www.washingtonpost.com/business/2020/03/31/trump-dc-hotel-sale/

[Grasswire2]

1. To be clear, WE own that building.

He merely leases it and unlawfully profits from it.

I say we evict him.

[turbinetree]

4. And if he misses a payment, you are correct evict is worthless ass....................we own it.....

[underpants]

2. Bails after 7 years of a 60 year lease

https://en.wikipedia.org/wiki/Old_Post_Office_(Washington,_D.C.)

[TeamPooka]

3. You know Trump is going to stop paying rent on that, right?

[duforsure]

5. They should take it over for a hospital

If he stiffs them. He's stiffing us , and we own that building.

[SheltieLover]

6. Should've evicted the POS long ago!

[orwell]

7. The old pump and dump...

...we should rename it the Trump and Dump.

[IronLionZion]

8. Deadbeat already fired his employees

time to seize his properties and convert to emergency hospitals.

[BumRushDaShow]

9. Technically that Post Office belongs to the U.S. Government he just leases

but agree that may need to be converted to surge space since there would be rooms in it with separate bathrooms (something I heard mentioned during a Philly presser a few days ago as something that they were looking for with respect to facilities to use for possible surge --and hotels are a natural).

[IronLionZion]

10. It should be easier since it's government property. No one is using it right now.

[BumRushDaShow]

11. GSA would have to do something with the lease agreement (that was apparently what was "for sale")

[generalbetrayus]

12. "As of Monday, seven of the Trump Organization's 10 top-grossing properties were closed."

"Those that remained open were at a fraction of their usual capacity: Trump’s hotels in Chicago, New York and Washington had all closed their bars and restaurants in response to local orders."

Please, oh please, Flying Spaghetti Monster, have something GOOD come out of the trumponavirus pandemic by driving Trump bankrupt again!