Former President Trump is in advanced talks to sell his Washington, D.C., hotel, sources told Axios. 

The former president would sell leasing rights to the property to a real estate developer, who would then negotiate with hotel companies that would manage the property, the news outlet reported.

Details of the deal are not yet known, but Axios reported that representatives for the former president have been in talks with major hotel chains. The former president would likely get less than the $500 million he originally sought for the property in 2019.

Trump declined Axios’s request for comment.

The Hill has reached out to the Trump Organization for comment.

Trump leases the property on Pennsylvania Avenue from the General Services Administration under a 60-year agreement signed in 2013, according to Axios. The agency said in 2017 that the Trump Organization had been paying $250,000 a month in base rent, which was set to rise with inflation.

The hotel on Pennsylvania Avenue became a popular destination for lobbyists and supporters during Trump’s tenure. The Trump Organization attempted to sell the building in the fall of 2019 but had to pull it off the market after the pandemic hit.

Since then, Trump’s election loss and the ongoing pandemic have caused profits to plummet. The Wall Street Journal reported in late May that the D.C. property is part of the Manhattan attorney general’s investigation into the organization’s business practices.

The Washington Post reported in June that the Trump Organization hired brokerage firm Newmark Group to sell the property.