Trump To Sell Money-Losing Washington Hotel For $373 Million
Donald Trump‘s family business is set to sell its marquee Washington hotel for at least $375 million, even though the property itself has struggled to make money.
Lawsuits have been filed against Trump for allegedly receiving foreign donations to finance the hotel, violating the emoluments clause of the U.S. Constitution, which prohibits federal officials from taking gifts or payments from other governments.
According to audits by House investigators, the hotel lost around $74 million from 2016 to 2020.
Though a final sale has not yet taken place, the buyer, CGI Merchant Group, is considering a deal to rename the hotel under the Waldorf Astoria luxury brand.
If the lease is completed as planned, Trump can expect to earn a sizable profit on the sale, allowing the Trumps to pay off a loan for the property.