Donald Trump plans to sell the three Washington, DC, hotels that bear his name to LaSalle Investment Management for at least $375 million, and concentrate on his Atlantic City, New Jersey, business ventures, according to the Wall Street Journal. The closing date for the sale would be in late November or early December of this year, the paper stated.
The presence of the Trump name has, at times, led to those around him in Washington avoiding, or at least avoiding speaking on, his behalf.
In a tweet sent on Sunday, Trump vented about Attorney General Jeff Sessions and his ethics compliance. “I made a very simple deal with the President: I gave him a way to make money, and he gave me a way to help Republicans win in 2018. Very simple, that’s called collusion!,” he wrote.
Trump received $38m from the sale of a Maryland hotel and marina. Photograph: Jaap Arriens/NurPhoto via Getty Images
The Trump organization has previously confirmed that the company will enter into a non-controlling management agreement with LaSalle to manage the Washington properties. The owners of the properties will still retain the right to sell the buildings back to Trump, something that could happen in the future.
Trump is keeping the management of one of the hotels in Toronto but will sell the other two hotels in Washington. He has continued to maintain the namesake brand for his properties and has not, thus far, announced plans to sell the name for the buildings.
In March, Trump received $38m from the sale of the Trump International Hotel and Marina in Baltimore. That sale came only two months after Trump became president and required a vote of the Maryland state senator, Jennie Forehand, who said she was unaware at the time of the sale that Trump had been in contact with the Trump Organisation for more than two decades.
Trump was then in talks with Chinese companies for his Trump International Hotel in downtown Washington, his officials have said. When the deal went forward, that resulted in about $40m in ongoing revenue.
Trump also received about $150m of rent and management fees from the Trump SoHo in New York, which does not feature his name.