The Trump Organization LLC set a Jan. 23 deadline for interested parties to submit their bids for the Trump International Hotel in Washington, D.C., The Wall Street Journal reported.
The real estate business of U.S. President Donald Trump was originally seeking more than $500 million for the hotel's lease rights, people familiar with the matter told the publication. Potential buyers, however, reportedly were unwilling to spend as much, and brokers said the Trump family is willing to discuss the purchase price and other terms.
The Trump Organization does not own the hotel but leases it from the General Services Administration for a term of almost 100 years, including extensions. A new lease holder could change both the branding and the property manager.
JLL, which is marketing the lease rights, declined to comment on the firms and individuals that have toured the asset. People familiar with the process, however, reportedly said U.S. and foreign private equity firms, wealthy families and hotel operators are likely to bid.
Hilton Worldwide Holdings Inc., Marriott International Inc. and other major hotel brands have also expressed interest, although the people added that most of these brands are more likely to team up with a buyer to manage the hotel than to acquire the lease rights.
A GSA representative did not immediately answer a request for comment from the Journal.