Pitch To Sell Trump’s D.C. Hotel Claims Millions Can Be Made From Foreign Gov’ts
The Trump Organization is looking to sell the lease to the Trump International Hotel in Washington, D.C., CNN reported on Thursday, and the 46-page investor pitch claims there are millions to be made from foreign governments.
"Tremendous upside potential exists for a new owner to fully capitalize on government related business upon rebranding of the asset," it reads, according to the news outlet.
No specific numbers are given as to how much in foreign government business the hotel has accepted while President Donald Trump occupies the White House, but the pitch states that the Trump Organization turned down “17,100 room nights in 2019, resulting in $5.3 million in lost room revenue and $3.9 million in lost food and beverage revenue,” CNN noted.
In total, the pitch claims that more than $9 million was lost over such “sacrifices.”
CNN also noted that the hotel is “named in multiple lawsuits accusing Trump of using the property to illegally profit off his presidency,” which claim the president has violated the Constitution’s emoluments clause. The provision “forbids the President from receiving gifts or payments from foreign governments.”
Such lawsuits appear to have had an affect on the thinking of the president’s sons, who run the Trump Organization’s day-to-day operations while their father is in office. Eric Trump said last month that they “may be willing to sell” over people’s objections “to us making so much money on the hotel.”
The Wall Street Journal reported that the president’s company is hoping to sell for at least $500 million, which CNN noted comes to about $2 million per room key and “would be one of the highest prices ever paid for a hotel in Washington.”