posted May 12, 2022 02:57 PM            

oops !missed T at the beginning., mods please correct title.

source : MSNBC

quote:

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News that Donald Trump's DC Hotel had come to an end was greeted with applause from ethics experts on Wednesday.

"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," Eric Lipton of The New York Times reported 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."

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The hotel is in the Old Post Office, a lease which was awarded to the Trump Organization by the federal government.

"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."

Following the publication of the story, Lipton visited the hotel and documented the "Trump International Hotel" sign being taken down by construction workers using a cherry-picker.

Journalist Zach Everson of Forbes magazine noted Ivanka Trump once talked about her young daughter Arabella Kushner inheriting the hotel.

"I also believe that my long-term personal commitment to the property made a substantial impact in the bidding process. I can envision Arabella overseeing this hotel someday (if she so chooses!), and I shared that with the selection committee," she said. "This makes the Trump DC incredibly important not just in our portfolio but also to our family."

Everson noted the hotel lost $73 million but sold for $197 million more than they estimated it to be worth, resulting in a $100 million windfall for Trump.

The watchdog group Citizens for Responsibility and Ethics (CREW) in Washington applauded the end of the hotel.

"The Trump Hotel in DC is no more. Good riddance to a sinkhole of corruption," CREW wrote.

Noah Bookbinder, the group's president, was glad that the hotel is still under investigation by Congress.

"It's good to see Congress asking questions about the sale of the Trump Hotel DC, including the price, which is significantly higher than typical market rates. The history of conflicts and corruption surrounding the hotel should engender scrutiny," he wrote.

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posted May 13, 2022 01:39 PM            

So Trump invested $200 million in renovating the old post office and sold it for $375-$400 million. I'll take that return on investment any day.

Far from dinging Trump...which was the intent, these articles show Trump took an old rundown building, turned it into a landmark showplace and made a ton of money doing it.