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Photo: Robert Nickelsberg/Getty Images

Former President Trump is in advanced talks to sell rights to his Trump International Hotel in Washington, D.C., sources tell Axios.

Why it matters: The removal of Trump’s big, golden name from Pennsylvania Avenue would be a symbolic bombshell savored by opponents.

  • The historic building became a prop and symbol for both sides in the political wars.
  • The hotel was a central setting during his chaotic presidency, with Trump preening at his personal table, and supporters and supplicants thronging the lobby bar and restaurants to curry favor.

How it would work: Trump would sell the leasing rights to a real estate developer, who in turn would negotiate with hotel companies that would manage the property and rebrand it.

  • Details of the deal’s terms aren't yet known but Trump’s representatives have been in talks with major hotel chains and investors.
  • Trump, who initially tried to sell the leased federal property in the fall of 2019, declined Axios' request for comment.
  • Sources said the former president is likely to get less than the $500 million he was reportedly seeking in 2019.

The backstory: The hotel is housed in the 122-year-old Old Post Office building.

  • Three years before Trump was elected, the General Services Administration (GSA), the federal landlord, announced a 60-year lease agreement with the Trump Organization.
  • Under the 2013 agreement, $200 million of private money was to be spent to restore the building and convert it into a luxury development.
  • The Trump Organization has been paying $250,000 a month in base rent, GSA said in 2017. The rent was to rise with inflation.
  • Many ethics and contract experts called upon GSA to end the 60-year lease after Trump was elected and became, in effect, both tenant and landlord, NPR noted, but GSA upheld the deal.

Trump’s hotels and golf resorts have been hit hard by the COVID shutdowns that have walloped the hospitality industry — worsened for the former president by his lost heat after his 2020 defeat.

  • When Trump left office, The Washington Post reported that the D.C. hotel had a $170 million loan outstanding, and had seen revenue drop more than 60 percent compared to the previous year.
  • In early June, the Post reported that Trump had hired the brokerage firm Newmark Group to market the lease.
  • The original commercial real estate brokerage firm, Jones Lang LaSalle Inc., dropped out following the Capitol riot, Bloomberg reported.

Axios' Erin Doherty contributed reporting.

Go deeper

Jan. 6 committee subpoenas Alex Jones and Roger Stone

Roger Stone (left) and Alex Jones (right). Photos: Andrew Caballero-Reynolds/AFP and Andrew Harrer/Bloomberg via Getty Images

The Jan. 6 House select committee has subpoenaed several close Trump allies involved in the planning of the rallies leading up to the Capitol riot, including Infowars' Alex Jones and longtime Trump confidante Roger Stone as part of its investigation, chair Bennie Thompson (D-Miss.) announced Monday.

Why it matters: The committee continues to aggressively pursue testimony and documents from those in Trump's orbit and has interviewed over 150 people as part of their investigation.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 2 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

You’ve caught up. Now what?

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