Trump Org To End Bidding On DC Hotel On Jan. 23th

The Wall Street Journal reports:

The Trump Organization plans to cut off bids on its Washington, D.C., hotel on Jan. 23. The Trump Organization leased the property, within the Old Post Office building, from the federal government, and, with extensions, the lease lasts almost 100 years.

A new lease owner could adjust the branding and managing of the building. President Trump’s real estate business hopes to get more than $500 million for the lease rights, amounting to about $2 million per room, people familiar with the matter told The Wall Street Journal.

But buyers have recoiled at that price, which hotel brokers say would be a record for the city. The organization is reportedly willing to negotiate on price and other terms.

Last week a well-known DC developer said he was placing a bid on the property and would seek a deal to turn it into a Waldorf-Astoria or similar luxury hotel. Putting a deadline on bids is a common ploy to spur potential buyers into action.