Selling the DC Hotel lease?

[kadee79]

Can he with all the liens against it?...need a legal opinion here or someone who knows about real estate/leases from feds.
Last I heard, there were 3 or 4 liens for work performed...there might be more now.

President Trump’s company is considering selling the lease of its D.C. hotel, according to two people familiar with the discussions.

The people, who spoke on the condition of anonymity to discuss plans they were not permitted to make public, said the Trump Organization had hired the firm JLL to market the project.

Trump’s Washington hotel has been a center of controversy since he entered office. Trump continues to own his business, which operates properties including the hotel, leading to charges of conflict of interest. Several lawsuits have alleged that Trump is violating the Constitution’s ban on “emoluments,” or payments by foreign governments, when foreign government officials visit the hotel.

The company leases the building, the Old Post Office Pavilion, from the federal government’s General Services Administration (GSA), but the terms allow for the sale of the lease under certain conditions.

www.msn.com/en-us/news/politics/trump-organization-said-to-be-weighing-sale-of-dc-hotel-lease/ar-AAJmzw4?li=BBnb7Kz

[thyme4change]

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

[Opti]

It will go to a shell company if he thinks its profitable, MO.

[bean29]

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

IDK, the purchaser could easily overpay for it as a "bribe" and if it sells for less that it's appraised value Trump could be "paying a bribe".

Not divesting himself of his properties is going to be a continuing problem imho.

[kadee79]

I want to know who would be responsible for paying off the liens...DT, a new owner of the lease or the US taxpayers?  

I'm thinking he is trying to this on 'us'!

[NastyWoman]

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

Maybe he is preparing for January 2021 since he will no longer be a DC resident at that time 

[kadee79]

Oct 25, 2019 17:48:47 GMT -5 NastyWoman said:

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

Maybe he is preparing for January 2021 since he will no longer be a DC resident at that time 

Or maybe that will happen sooner....when the Senate hold the impeachment trial...it might be Jan. of 2020!

[dezii]

I put up same thread on topic of the possible sale of the DC property  with comments..If a moderator  want to delete that thread, fine with me..I just thought it belonged there..
-------------------------------------------
This has been a very profitable operation...Reported that the Donald or the Company holding the lease earned up to $80 million last year.

As reported on CNN by people who follow the mans businesses...most of his properties..Golf Courses in Ireland, Scotland, New York are money losers....That includes his Doral property ..plus his properties in New York..It's been reported some folks  don't want to be seen supporting them...extreme case, don't/won't   walk on same side street of his properties.

Possible if properties were in Red States it would be different...but since his businesses cater to the most wealthy clientele, the big $ #'s will be in major cities...and these cities are usually in Blue metro areas.{NYC...California}

Right now the Washington Hotel is probable at it's highest value..In a year...who knows .

Supposedly they need the $ badly...in fact as one commentator questioned if he , Donald, is a billionaire..with mortgages, loans outstanding, real estate for the most part on a decline in value, the commentator might be correct..

{Possible his giving away, donating to charities, his Presidential salary of $400 thousand...might be premature.}

=====================================

"The Trump Organization is considering selling its three-year-old hotel in downtown Washington, DC, that's been a focus of ongoing complaints that Donald Trump is profiting off his role as President.

Eric Trump, the President's son and executive vice president of The Trump Organization, said the company has hired real estate firm JLL to assist the possible sale of the Trump International Hotel.

"Since we opened our doors, we have received tremendous interest in this hotel and as real estate developers, we are always willing to explore our options," Eric Trump said in a statement

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www.cnn.com/2019/10/25/politics/trump-washington-dc-hotel/index.html
















































































 

[Value Buy]

Oct 25, 2019 17:11:08 GMT -5 kadee79 said:

I want to know who would be responsible for paying off the liens...DT, a new owner of the lease or the US taxpayers?  

I'm thinking he is trying to this on 'us'!

Selling "the lease" and selling the property are two different things. Does the corporation own the hotel and another Trump division leases the property? (I dnk).
If selling the lease, and they still own the hotel property, not sure it takes Trump corporation out of money end of the property.
Selling the lease means payments would still go to the owner of the property. 
This almost sounds like a naming contract where a company buys the right to put their name on the property, and run the day to day operations, like a "Four Season's hotel name" placed on a property that Four Season's only operates the property under a lease agreement....
Now if Trump properties do not own the physical site and only leases it, then they would be out of the property when selling the lease. I would think the liens would have to be cleared up before the lease could be sold to a second party, just like when you buy a house and you make sure the liens are all taken care of before closing.

How it would be dumped on us, I do not understand......

[countrygirl2]

I'm wondering what they are doing. I've read that revenue from all his places are declining, but sounds like this one is making money.  However, with that bunch you can guarantee they are fleecing someone somewhere.  Or it could be that he needs the money, that is a high flying bunch.  Ivanka has lost her business, she tried changing names on it, but I don't think that worked.  And they got the "charity" taken away from them and they were using that for personal money.  All this could finally be chipping away at them. And also with Duetsche Bank destroying his tax returns and being in trouble themselves all the money funneled to him from the oligarths might be drying up.  A lot are likely still giving him "deals" and will as long as he is useful.  But I think once he is out they will all stop, what use is he to them then?  He will have no influence anywhere.  I would say he is likely to be one of the most hated ex presidents ever.  The Donald may be in trouble financially again.

[kadee79]

Oct 26, 2019 9:58:31 GMT -5 Value Buy said:

Oct 25, 2019 17:11:08 GMT -5 kadee79 said:

I want to know who would be responsible for paying off the liens...DT, a new owner of the lease or the US taxpayers?  

I'm thinking he is trying to this on 'us'!

Selling "the lease" and selling the property are two different things. Does the corporation own the hotel and another Trump division leases the property? (I dnk).
If selling the lease, and they still own the hotel property, not sure it takes Trump corporation out of money end of the property.
Selling the lease means payments would still go to the owner of the property. 
This almost sounds like a naming contract where a company buys the right to put their name on the property, and run the day to day operations, like a "Four Season's hotel name" placed on a property that Four Season's only operates the property under a lease agreement....
Now if Trump properties do not own the physical site and only leases it, then they would be out of the property when selling the lease. I would think the liens would have to be cleared up before the lease could be sold to a second party, just like when you buy a house and you make sure the liens are all taken care of before closing.

How it would be dumped on us, I do not understand......

The building was a former US Post Office..."we", the US tax payers still own the building, DT just leased it from the feds.
BUT, there are liens against some part of it for payment that DH & his company have not paid those who did the work of making it into a hotel, etc.  The last I heard there were several liens against either the lease or the property itself...but I don't think the US tax payer should get stuck with paying DT's bills for all the work he had done on the building.  That was his call, his mess...NOT ours.

[kadee79]

Here we go....

In late October, just weeks ahead of the election, President-elect Donald Trump made a quick detour to Washington for the official opening of his new five-star hotel, just a few blocks from the White House.

During a ribbon-cutting ceremony, Trump told the crowd that the two-year, roughly $200 million renovation project at the historic Old Post Office Building was done ahead of schedule and under budget, thanks to what he called an incredible team of people — "including hundreds of construction workers, electricians, maintenance workers and so many others who helped make this project a reality. They're really the important ones."

Now some of those companies would like final payment for their work. Documents obtained by NPR show three Washington-area companies have filed liens against Trump International Hotel totaling more than $5 million.

www.npr.org/2017/01/11/509168365/trump-d-c-hotel-contractors-say-theyre-owed-millions

Ok, finding more info....so he may have already settled the liens....at least part of them.   But some other interesting info in the following article if you read further than what I've quoted.

In the days around Donald Trump’s inauguration, the hotel bearing his name in downtown Washington, D.C., quietly settled two liens totaling more than $3 million for allegedly unpaid construction work. In one case, a contractor reached an agreement after receiving a phone call from someone his attorney identified as “Trump.”

The liens had both been previously reported. But their settlements had not. And the fact that they were handled right around the time when Trump took office—perhaps even at the behest of the then-president-elect himself—underscores just how politically sensitive the management of the Trump International Hotel was and is to the current White House occupant.



The largest payment was made to Joseph J. Magnolia, Inc. The family-owned D.C.-based company had filed a lien for $2.98 million on Dec. 21, 2016, for “the unpaid balance for work done” on the hotel, dating from that day back through Sept. 9, 2014, according to court filings. Joseph J. Magnolia, Inc. had done “plumbing, mechanical, and HVAC work, along with the site sewer, water, storm, and water services” per the notice. It also provided the labor and materials required to complete that work.

www.thedailybeast.com/trump-hotel-paid-millions-in-fines-for-unpaid-work


Here is another one also settled.....

An electrical contractor has dropped a lawsuit claiming that the Trump International Hotel in Washington, DC, owed more than $2 million in unpaid bills.

The contractor filed court papers on Friday dismissing the suit against the hotel. The move came after settlement negotiations with the hotel's lawyers, according to court filings, but the dismissal notice didn't offer any details about whether a settlement was reached and, if so, the terms. 
The Trump Organization and President Donald Trump personally remain involved in several lawsuits related to the DC hotel, including one filed last month by restaurant owners in Washington who claim the hotel has an unfair edge now that Trump is president. Trump has said he's given up control in his eponymous companies, but Trump and his family members haven't divested their interests.

AES Electrical, which does business out of Maryland as Freestate Electrical Construction Company, filed a lawsuit earlier this year against the Trump hotel seeking more than $2 million. The contractor said it had an original contract for $13 million to perform electrical work, but the cost later went up to $17 million in part because the hotel asked to speed up that work in time for a"soft opening" in September.

www.buzzfeednews.com/article/zoetillman/trump-hotel-contractor-drops-2-million-lawsuit



I have thoughts about this having been kept so quiet....DT didn't get such a good deal from any of them & it ended up costing him more than he ever thought it would.  

[kadee79]

Had another thought....all that missing money from his inaugural celebrations....wonder if it got used to settle some of these liens & that was the reason to keep it all hush-hush so no one would investigate that??

[countrygirl2]

He is one big crook.

[dezii]

Oct 26, 2019 9:58:31 GMT -5 Value Buy said:

Oct 25, 2019 17:11:08 GMT -5 kadee79 said:

I want to know who would be responsible for paying off the liens...DT, a new owner of the lease or the US taxpayers?  

I'm thinking he is trying to this on 'us'!

Selling "the lease" and selling the property are two different things. Does the corporation own the hotel and another Trump division leases the property? (I dnk).
If selling the lease, and they still own the hotel property, not sure it takes Trump corporation out of money end of the property.
Selling the lease means payments would still go to the owner of the property. 
This almost sounds like a naming contract where a company buys the right to put their name on the property, and run the day to day operations, like a "Four Season's hotel name" placed on a property that Four Season's only operates the property under a lease agreement....
Now if Trump properties do not own the physical site and only leases it, then they would be out of the property when selling the lease. I would think the liens would have to be cleared up before the lease could be sold to a second party, just like when you buy a house and you make sure the liens are all taken care of before closing.

How it would be dumped on us, I do not understand......

" How it would be dumped on us, I do not understand...…"

Agree with u there..Actually it seems if he can get the $ he wants, a good business decision ..sell at it's high...why not?

[Rukh O'Rorke]

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

wait - you think legitimate offers would be considered?

And it wouldn't be bought far over market by someone looking for backdoor payback?

[Tennesseer]

Oct 29, 2019 17:42:48 GMT -5 Rukh O'Rorke said:

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

wait - you think legitimate offers would be considered?

And it wouldn't be bought far over market by someone looking for backdoor payback?

New name will be The Aeroflot Inn.

[thyme4change]

Oct 29, 2019 17:42:48 GMT -5 Rukh O'Rorke said:

Oct 25, 2019 15:42:10 GMT -5 thyme4change said:

What does that mean? Would it no longer be a Trump property? Would he stop earning money from it? If so, it is the first ethical thing he will do in his presidency.

wait - you think legitimate offers would be considered?

And it wouldn't be bought far over market by someone looking for backdoor payback?

Probably not legit. But I don't understand what the concept is. I know there are a lot of tricky business dealings, but not being in this particular industry, I don't know is happening.