Trump Organization to cut off bids on Washington hotel this month

The Trump Organization reportedly 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 TrumpDonald John TrumpLincoln Project ad dubs Jared Kushner the 'Secretary of Failure' Pence: Chief Justice Roberts 'has been a disappointment to conservatives' Twitter bans Trump campaign until it deletes tweet with COVID-19 misinformation MORE’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.

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The organization is reportedly willing to negotiate on price and other terms.

The Hill reached out to the Trump Organization and real estate firm JLL for comment.

“We are seeing robust activity and look forward to reviewing the official bids later this month,” said Gilda Perez-Alvarado, head of JLL's hotels and hospitality group in the Americas, according to the Journal.

Trump Organization executive Eric TrumpEric Frederick TrumpSunday shows preview: White House, Democratic leaders struggle for deal on coronavirus bill Hillicon Valley: Democrats introduce bill banning federal government use of facial recognition tech | House lawmakers roll out legislation to establish national cyber director | Top federal IT official to step down GOP lawmakers join social media app billed as alternative to Big Tech MORE said in a prepared statement to the Journal, "We have received tremendous interest in this asset from the biggest names in hospitality and since we announced this opportunity, the momentum has only gotten stronger." 

The Trump Organization announced it was considering selling the rights of the Washington hotel in October.