US President-elect Donald Trump’s property company is reportedly in early-stage negotiations to buy back the lease of a Washington DC hotel, previously known as Trump International and now operating as the Waldorf Astoria.
Located near the White House, the hotel was sold in 2022 after generating lower-than-expected revenues during the pandemic.
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Eric Trump, the President-elect’s son and executive vice president of his father’s company, met in Florida with a senior executive from BDT & MSD Partners, the merchant bank overseeing the property’s long-term lease, reported the Wall Street Journal.
The Trump International Hotel, which opened in 2016 following a $200m renovation, became a popular gathering place for supporters and lobbyists during Trump’s previous presidency, reported Forbes.
Despite its popularity among certain groups, the hotel’s annual revenue fell to $20m during the pandemic, significantly below the projected $100m-plus.
Following his 2020 election defeat, Trump sold the leasing rights for $375m.
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By GlobalDataThe reacquisition interest comes as he will return to the presidency on 20 January 2025.
Democrats have expressed concerns about the buyback, accusing Trump of previously using the hotel to profit from his presidency and violating the US Constitution’s emoluments clauses.
Gerry Connolly, a Democratic member of the House oversight committee, has urged the General Services Administration (GSA) to block the repurchase.
Connolly said: “The Trump hotel in Washington is a billboard for conflicts of interest.
“Trump’s DC hotel received an estimated $3.7m from foreign governments during his time in office, and he now returns to dip his fingers back in the pot. This kind of in-your-face self-enrichment cannot be tolerated again.
“GSA, which never answered legitimate questions about its role in the original Trump hotel lease, must uphold the constitution which prohibits this type of personal gain by a sitting president from a government lease.”
