Trump could pocket $100 million in deal for money-losing D.C. hotel

[former9thward]

He lost millions running his D.C. hotel, according to financial documents, but could set a record with a $375 million sale When Donald Trump offered to spend $200 million overhauling one of Washington’s most treasured historic buildings into a luxury hotel a decade ago, competitors and critics scoffed.

Trump, they asserted, could never operate a hotel profitably after paying so much.

It turns out they were right. The hotel posted millions in losses over four years, according to financial documents Trump’s company provided to the government and released by the House Oversight Committee in October.

But the former president’s company recently signed a contract to sell its lease of the historic Old Post Office Pavilion to Miami-based investment firm CGI Merchant, which hopes to turn the property into a Waldorf Astoria in partnership with Hilton Worldwide, according to three people familiar with the arrangement who spoke on the condition of anonymity to share details of the transaction. One of the people said the price was $375 million, which would eclipse the previous record for hotel sales in Washington.

https://www.washingtonpost.com/business/2021/12/02/trump-profit-hotel-sale/

[brush]

1. So he won't even break even from all the losses and bucks poured into the...

transformation form post office to a hotel? That's so typical. Do any of his properties ever make money?

[former9thward]

2. The article says he will make a profit of 100 million.

The hotel took losses not Trump himself. It cost 200 million but is selling for 375 million.

[Hugh_Lebowski]

4. In the sale, right, but how much did it lose?

"The hotel posted millions in losses over four years,"

How can 'the hotel' take losses, but not him (or at least his company)? Who paid the losses? I'm sure they got written off but that doesn't cover the whole amount I wouldn't think?

[former9thward]

7. We don't have the nitty gritty of the accounting details but

from what I can tell the hotel sells for 375 m and cost 200 m. So a difference of 175 m. So if there were 75 m of expenses/losses then he winds up with 100 m in profit.

[Hugh_Lebowski]

10. True, and further complicating is this ...

"When Donald Trump offered to spend $200 million overhauling "

Which means we may or may not know how much he paid to buy ... and then overhaul. Maybe the price is rolled into the $200M, and maybe it's not.

[former9thward]

12. The government gave him the property during the Obama administration.

So no cost to him to buy it. They wanted him to develop an old post office building.

[Hugh_Lebowski]

13. Oh, wow! Okay then yah, sounds like the asshole is getting $100M free and clear thx (nt)

[brush]

11. Guess I mean do any of his businesses make money at what they were intended for?

[Bev54]

3. I am not sure of US law but can someone in one of the legal cases put a garnishee

before judgement on any monies going to Trump? This would mean it would have to go to court before releasing to him. I would certainly think any of his bankers could, if they are concerned about getting their loans repaid.

[former9thward]

8. Short answer no.

Not before judgment. If that were possible it would have been done already. He has plenty of money.

[Bev54]

9. That is too bad, can do it in Canada

[MagickMuffin]

5. If there is any profit from this GARNISH HIS PROFITS

They certainly know how to garnish wages of deadbeat parents.


Time to do the same for this treasonous bastard.

[bluestarone]

6. Money SECRETLY from RUSSIA??

Legal money laundering? Wouldn't surprise me one bit!