Trump lost millions on his former DC hotel years after he sold it, Forbes reports

[BumRushDaShow]

Source: Salon

Published September 10, 2024 2:30PM (EDT)


Despite selling his hotel in Washington, DC, for $375 million in 2022, former President Donald Trump ended up losing millions of dollars on the property years after he sold it, according to a report this week from Forbes. In 2012, the Trump Organization won a bid to restore an old D.C. post office and turn it into a luxury hotel. The bid meant Trump was also committing to pay loans of over $250,000 a month to the General Service Agency (GSA) for the next 60 years.

After a $200 million renovation, the 263-room hotel opened in 2016 and quickly became a social hub for Republican politicians, diplomats and foreign governments. By 2020, at least 75% of the officials in Trump’s administration had been seen at the hotel, Forbes reported.

“Everyone hangs out there. Being in the Trump hotel’s lobby is a way to get people to know you,” a former Trump campaign adviser told Time magazine. Despite its popularity among the party faithful and foreign governments seeking to curry favor with the former president, Trump International Hotel brought in well below its expected revenue and was particularly hard hit during the pandemic.

After unsuccessfully trying to sell the hotel for over $500 million, Trump finally sold the hotel to CGI Merchant Group, a Miami-based company, for $375 million in 2022. The company also assumed the lease from the GSA and took a $28 million loan from Trump himself, as well as a $285 loan from the merchant bank BDT & MSD Partners, to finance its new investment. Trump pocketed $127 million from the sale.

Read more: https://www.salon.com/2024/09/10/lost-millions-on-his-former-dc-hotel-years-after-he-sold-it-forbes-reports/?in_brief=true

[IronLionZion]

1. I refused to set foot in that den of thieves while he owned it

ugh, MAGA idiots paying ridiculous prices for low quality garbage.

I enjoyed a lovely birthday dinner at Jose Andres' restaurant The Bazaar last year but that's long after TSF left. It's Waldorf Astoria now. And it's very fancy and classy if anyone wants to treat themselves on a special occasion in DC.

[BumRushDaShow]

3. I was down there with my sis, BIL, and niece back in 2018 doing some touring

and the double-decker bus we were on drove past there and all I did was groan "Ewwwww..." all out loud.

[FakeNoose]

2. 'Memba this?

When Chump became president in 2017 he was supposed to put his properties into a "blind trust" because of the emoluments laws. But of course he never did that. Instead he announced that his kiddies were running all his businesses and everything would be above board. Yeah right.

In a very short time we started hearing about the Arab and Middle Eastern businessmen who were dropping $20,000 for rooms in Chump's Washington DC hotel, or booking business suites for "shows" etc. They were direct bribes of course.

These gifs were on DU then, I was just starting to post here. I've been collecting and saving these gifs for THAT long!

[Boomerproud]

5. Is there one rule or principle that Trump didn't break?

Criminal bribes happening right and left.

[ailsagirl]

4. Gee-- that's too bad

[sakabatou]

6. *sad trombone noises*

[AZ8theist]

7. Gotta be "fake news"

He's such a brilliant businessman!!

Just look at all of his successful businesses!!

I just flew in on Trump Airlines! Having a Trump Steak for dinner while reading Trump Magazine!!!

BWAHAHAHAHAHAHAHA!!!

[oasis]

8. Only "suckers and losers" invest with Trump.

[mahatmakanejeeves]

9. Trump never owned the old post office in DC.

He leased it.

Old Post Office (Washington, D.C.)

In 2013, the U.S. General Services Administration (GSA) leased the property for 60 years to a consortium headed by "DJT Holdings LLC", a holding company that Donald Trump owns through a revocable trust.

[bmichaelh]

10. Trump is a bad businessman

One of the myths is that Trump was great in business.

As Robert Reich and others have pointed out, Trump's father put him on his payroll.
If he had taken that money he had received from this father by his college years and put it in index stocks, he would be worth more money.

In addition, there are Americans who come from middle class or lower middle class backgrounds that were worth billionaires several times over.

For example, Steve Jobs, Michael Bloomberg, etc.

And they did not need their daddy to bail them out.

[Old Crank]

11. Failed business and he still

Raked in 100 million after the 28 million loan from him collapse.
Failed business but he profited.