The Trump Organization has reportedly come to an agreement to sell the iconic Trump International Hotel in Washington D.C. for $375 million. The hotel on Pennsylvania Avenue, which is only a short distance from the White House, has long been a tourist hotspot, particularly during Trump’s time in office.
According to the Wall Street Journal (WSJ), the hotel was a favorite meeting venue for Republicans from 2016 to 2020 and was even used as an event space and speaker room for the virtual Republican National Convention in 2020.
The new leaseholders, CGI Merchant Group, who allegedly has ties with Hilton Worldwide Holdings Inc., have decided to remove Trump’s name will from the hotel. It will likely be converted into a Waldorf Astoria.
The Trump International Hotel in Washington D.C. opened its doors for business in 2016, when Trump was elected president. The hotel itself was formerly the Washington D.C. Post Office building and is ultimately owned by the federal government, but the Trump Organization had managed to net a nearly 100-year lease predating President Trump’s foray into politics.
The House Committee on Oversight and Reform has been investigating the details of Trump’s lease terms with the government and searching for conflicts of interest during his time in office, part of a seemingly endless political witch hunt to find “dirt” on President Trump – which has historically proven to be a fruitless endeavor for partisan bureaucrats who have spearheaded those types of investigations.
According to a report from The Hill, House committee documents show that the Trump Hotel netted $150 million while Trump was in the White House. However, property revenue reportedly dropped from $40 million to $15 million from 2019 to 2020, most likely due to the stall on national and international travel that ensued with the Covid-19 pandemic.
Supporters of President Trump may be sad to see the Trump International Hotel leave Washington, but if the 45th president has taught Americans anything, it’s that he’s always looking ahead to newer and better things.