Donald Trump's Washington DC hotel officially sold off

Donald Trump's Washington DC hotel officially sold off
Royalty-free stock photo ID: 1198949239 NEW YORK, NY - SEPTEMBER 26, 2018: Donald Trump, the President of the United States addresses reporters on the sidelines of the UN General Assembly at the Lotte Palace Hotel.

Yet another Donald Trump business venture has come to an end.

"The Trump International Hotel in Washington is now officially out of business after the Trump family on Wednesday completed its sale to a Miami investor group, which plans to reopen it as a Waldorf Astoria," The New York Timesreported Wednesday. "The sale formally ended the Trump family’s business presence in Washington, although the family company still owns a golf course in Northern Virginia."

The hotel is housed in the Old Post Office, which is owned by the federal government. Trump sold his lease to CGI Merchant Group, reportedly for $375 million.

"Hotel industry executives have said the hotel underperformed compared with other luxury hotels in the city, particularly since President Donald J. Trump left office, in part because some companies and travelers were reluctant to book rooms or hold events at the hotel given the controversies surrounding Mr. Trump," the newspaper reported. "Those factors most likely contributed to the decision to sell the lease, they said."

This is not the first time a Trump property has closed.

"Trump Taj Mahal, Trump Plaza Hotel and Casino, Plaza Hotel, Trump Castle Hotel and Casino, Trump Hotels and Casino Resorts, and Trump Entertainment Resorts all declared bankruptcy.

Trump University and the Donald J.Trump Foundation were shut down by the state of New York.

"The hotel, which opened just a few weeks before Mr. Trump was elected president in 2016 after a $200 million renovation of the once-decrepit building, became a gathering place for supporters of Mr. Trump, members of his cabinet, lobbyists, Republicans in Congress and foreign leaders, some of whom were on their way to see Mr. Trump," The Times reported. "But since 2020, the hotel has generally seen sparse crowds in its sprawling lobby, including late last week, several days before the closing, when just a few tables were occupied at the lobby bar."

Read the full report.

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