The Trump Group said Friday that it is exploring selling its lease rights for its Washington hotel, partly resulting from ethics considerations ass
The Trump Group said Friday that it is exploring selling its lease rights for its Washington hotel, partly resulting from ethics considerations associated to President Donald Trump cashing in on enterprise there, which incorporates visits by officers of overseas governments.
The announcement got here a day after a Home committee issued a subpoena to the General Services Administration for documents relating to its lease of the Old Post Office Building for the Trump International Hotel in Washington.
The Trump Group is aiming to acquire greater than $500 million for the lease rights to resort, according to The Wall Street Journal, which first reported information of the potential sale.
The 121-year-old constructing is positioned 5 blocks from the White Home, and is owned by the federal government. The Trump Organization has a 60-year lease for the site issued by the GSA.
The resort was opened shortly earlier than Trump’s election as president in 2016.
“Since we opened our doorways, now we have obtained large curiosity on this resort and as real-estate builders, we’re at all times prepared to discover our choices,” Trump’s son Eric mentioned in an announcement to CNBC.
“Individuals are objecting to us making a lot cash on the resort, and subsequently we could also be prepared to promote,” mentioned Eric Trump, who runs the Trump Group along with his older brother Donald Trump Jr.
The Trump Group has…