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r2d2

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  • The Trump Organization has hired the Newmark Group to sell its lease to its Pennsylvania Avenue hotel in Washington D.C. 
  • Trump's company does not own the building, but leases it from the General Services Administration - a federal agency
  • Trump, whose business was hammered by the COVID-19 pandemic, faces a $1.1 billion mountain of debt wrapped up in his skyscrapers and golf courses 
  • The revelation also comes on the heels of an announcement that a grand jury has been formed for the investigations into Trump's finances 
  • Manhattan District Attorney Cyrus Vance Jr. has reportedly been investigating the D.C. hotel among other properties
  • Trump's company had previously tried to sell its lease for the Pennsylvania Avenue hotel in the fall of 2019 when rooms were half-empty
  • Eric Trump, the executive vice president of his father's business, said in 2019 that the company was looking to sell the lease for around $500 million 
  • Donald Trump recently revealed that he has taken a $1.2 billion loan against his Bank of America skyscraper in San Francisco - his most valuable asset

 

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