Trump Worldwide Lodge Washington DC sale placed on indefinite maintain
The Trump Worldwide Lodge in Washington, D.C.
Adam Jeffery | CNBC
The Trump Group’s efforts to promote the Trump Worldwide Lodge Washington DC have been placed on indefinite maintain, casting doubts on the way forward for one of many President’s largest monetary bets, in keeping with business executives.
The Trump Group employed Jones Lang LaSalle to buy the lodge to potential consumers final fall hoping for a worth of about $500 million. Folks aware of the deal talks stated not one of the bids got here near the asking worth, and several other have been for lower than $250 million. Jones Lang LaSalle confirmed to CNBC that efforts to promote the lodge are on “indefinite maintain.”
The lodge, which turned the glittering social hub of President Donald Trump’s Washington and a crown jewel of Trump’s enterprise empire, now faces the added pressures of the coronavirus pandemic and the president’s post-election future.
Confronted with a $100 million mortgage from Deutsche Financial institution on the property and continued losses, the…