In a possible preview of how President-elect Donald Trump will handle potential conflicts of interest when he takes office, the Trump Organization is in discussions to reclaim its former hotel in Washington, D.C., The Wall Street Journal reported Friday.
Citing unnamed people familiar with the matter, the Journal reported that Eric Trump met at the family’s Mar-a-Lago estate this week with an executive from BDT & MSD Partners, a merchant bank that controls the hotel’s long-term lease. The hotel is operated as the Waldorf Astoria brand name, which is owned by Hilton Hotels.
According to the Journal’s report, Eric Trump, who is an executive vice president of the family business, expressed interest in purchasing the lease. The Journal's sources cautioned that talks are still in the early stages and may not result in a sale.
Now a Waldorf Astoria hotel, the Trump International Hotel in Washington, D.C., opened in 2016, but the company sold the lease rights in 2022 for $375 million. The building it operated in is the Old Post Office building, which was reportedly leased to the Trumps by the federal government.
With Trump returning to the White House in 10 days, the company is looking to reclaim a hotel presence in the nation’s capital, the Journal reported, and the family is still interested in its former property.
The Journal reported that buying back the hotel rights could cost upwards of $300 million.
The Waldorf Astoria brand's long-term management agreement with the hotel would continue if the lease changed hands. But the Trumps could negotiate a new deal and reopen the property under the Trump banner.
During Trump’s first term in office, Democrats accused him of violating the Foreign Emoluments Clause by holding a financial stake in the hotel. The constitutional provision prohibits presidents from receiving items of value from state and foreign governments, and critics contended that the provision would apply to foreign officials who spent money at the hotel.
At the time, the Trump Organization said it did not market the hotel to foreign officials and any money made from foreign guests was returned to the U.S. government via a check made out to the Treasury Department.
The attorneys general of Maryland and the District of Columbia took legal action, filing lawsuits stemming from alleged violations of the emoluments clause. The suits were later dismissed by the U.S. Supreme Court shortly after President Joe Biden took office.
If the firm is successful in regaining the rights to the hotel, the same issues are likely to resurface. Shortly before the election last year, Eric Trump said in an interview that it was “too early to tell” how the Trump Organization or the White House would navigate potential conflicts of interest.
Citing an ethics plan from the Trump Organization, the Journal reported on Friday that Trump won’t be involved in the day-to-day operations of the family company after he takes office.
Attorney William Burck at Quinn Emanuel will reportedly assist in developing internal ethics policies and procedures aimed at avoiding conflicts.
During Trump’s final four years as president, the Trump Organization also will not enter into new contracts with foreign governments, according to the report.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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