Hawaii realtors are bracing for a slow start to the real estate market this summer with a lack of interest from buyers who were expected to bid on properties worth tens of millions of dollars.
Trump has yet to offer any sign that he plans to pull the plug on his $1.4 billion Trump International Hotel and Tower in downtown Honolulu.
Trump spokesman Mark Brewer said Monday that the realtor who is negotiating for the hotel with the developer has been offered $50 million for a six-story building on the property.
He did not provide any other details.
Brewer said that if the developer does not take the offer, the property will be sold to a “significant buyer.”
The real estate office of the Hawaii Association of Realtors said Monday it expects the market to start cooling down in the first half of 2019.
A buyer is unlikely to be in Hawaii this summer, according to the company’s chief executive, John Wooten.
He said a lot of potential buyers were on vacation this summer.
“We’ve been trying to find people who are going to be out and about, so the market is a little bit weak,” he said.
Trump, who is under fire for his treatment of minorities, has been criticized for being overly cautious in selecting properties for his hotel.
The hotel, which was designed by Danish architect Christian Stenström, has attracted more than 20 inquiries from potential buyers.
The Honolulu hotel has already been sold to an investor who plans to convert it into a luxury hotel and is seeking to purchase a condominium tower in downtown Waikiki.
A new Trump condominium in the city of Kailua, built in partnership with Japanese developer Mizuho, has also been purchased.