Trump International Hotel in Las Vegas could sell for $1.37B to $1.73B, experts say

As Republican presidential candidate and former president Donald Trump navigates multiple criminal and civil trials levied against him, his professional net worth and assets have come into the spotlight.

In Las Vegas, Trump — along with business partner Phil Ruffin — is the co-owner of Trump International Hotel, a 64-story, 1,282-room skyscraper that totals just under 2 million square feet.

Trump’s net worth is estimated to be $7.5 billion, according to Forbes. His real estate holdings, which include 20 major properties, are estimated to be worth $1.1 billion. The question on everyone’s mind, though, is if Trump and Ruffin were to sell the Las Vegas property in 2024, how much could it fetch on the open market?

Somewhere between $1.37 billion and $1.73 billion, according to real estate experts. But it’s complicated.

Blake Owens, the founder and CEO of Agrippa, an AI platform that connects commercial real estate capital seekers with capital providers, said the entire property could go for upward of $1.73 billion, but it’s a complicated sale to break down and many points are theoretical.

“It’s evident the Trump Hotel’s ‘value’ could fall within an extraordinarily wide range,” Owens told the Las Vegas Review-Journal via email. He said there are a number of factors to take into play right off the bat.

“I’ve reviewed billions of dollars in deals, and I can assure you, determining value is far more subjective than it seems, especially in the case of a complicated property like the Trump Hotel,” he said. “The operational strategy is significantly different than that of a traditional hotel, not to mention, the ownership structure is complex. It includes Trump and many other stakeholders.”

Owens said three main parameters have to be taken into account when looking for a property’s value: income capitalization, sales comparison and replacement cost. He mentioned Realty Income Corp. paying $951.4 million for a 22 percent indirect interest in Blackstone’s 95 percent ownership of the Bellagio, and that various reports had the 3,933-room Bellagio valued at $5.1 billion, as a good barometer or related sale.

Other commercial real estate experts who spoke to the Review-Journal valued the Trump International at around $1.37 billion, saying that deal would be closer to the December sale of The SpringHill Suites by Marriott Las Vegas Convention Center at $251,000 a room, for a total of $75 million. But it all depends on the performance of the Trump property, which, besides traditional hotel rooms, also includes condominium and timeshare units.

Trump supporters reponding to an earlier Review-Journal story speculating about the sale of his interest in the property said he’d receive billions of dollars in support from his followers on Trump’s Truth Social media site and wouldn’t have to sell the hotel.

According to Clark County property records, Trump Ruffin Tower I LLC, which is headquartered in New York, bought the two-parcel property, which was vacant at the time, in 2005 from Nevada-based Hyde Park LLC for an undisclosed amount.

The ceremonial groundbreaking for the property took place in July 2005. Construction began in November 2005, and the property opened March 31, 2008.

Trump and Ruffin struck up a friendship when they partnered to build the tower, initially targeted as a condominium high-rise. When condo sales faltered in the run-up to the Great Recession, the Trump Organization switched strategies and brought in Hilton Grand Vacations to turn some of the suites into timeshare units. Some were also made available as hotel rooms.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.