Donald Trump wants to part with his hotel in Washington DC. The sale could also be related to the investigation into the Trump organization.
Washington, DC – Donald Trump seems in desperate need of money right now for someone who portrays himself as a billionaire without financial problems. No wonder, after all, Trump lost a lot of money because of his presidency. This time the former president wants to part with his hotel in Washington, as reported by the Washington Post. For a long time now, the economy has been anything but good there.
Trump had already tried to part with the hotel in autumn 2019, then the corona virus thwarted his plans. Now he apparently wants to make a fresh start. Even before the outbreak of the pandemic, things were not going well for the luxury hotel: Many customers stayed away due to Trump’s policies, and many rooms were unoccupied. Last year, revenue fell again by 62 percent due to the coronavirus pandemic. Partners such as luxury travel providers ended their collaboration with Trump’s hotels. The real estate mogul will hardly have made any profit with the property.
Donald Trump: Washington hotel sale could be related to investigation
The sale could also have something to do with an investigation into his company’s machinations. The Manhattan District Attorney’s Office has been involved with companies, real estate, and leadership positions in the Trump Organization for two years. According to the Washington Post, charges are imminent. Specifically, it concerns allegations of bank and insurance fraud, tax evasion and manipulation of trade secrets. The hotel in the old Washington Post Office was not mentioned directly in the investigation, but the Wall Street Journal reported that prosecutors also investigated the hotel.
Of course, Donald Trump himself has no understanding of this. The former president called the investigation the “greatest witch hunt in American history”. The investigation is “purely political” and an “affront to the 75 million voters who supported me in the presidential election”. The investigation was driven by the Democrats in order to harm him. At least that’s true, as Republicans remain loyal to Trump months after losing the election.
All important news about US politics straight to your inbox
With the USA newsletter of the FR you will never miss any important news and you will always be well informed
Washington: Trump has invested a lot of money in hotels
How much Trump could get for the hotel is still unclear. The Trump organization had the building renovated for 200 million US dollars just a few years ago and accepted a loan from Deutsche Bank for 170 million dollars. In the last attempt to sell it in 2019, Donald Trump’s son Eric said the company was targeting $ 500 million.
In the event of a sale, one thing will probably disappear first: the big sign with the name Trump on it. Because, according to the Washington Post, most real estate experts agree that a significantly better deal can be made with another brand than with that of the controversial former president. Due to its location, however, the hotel is unlikely to end the same way as Trump’s old casino in Atlantic City. (as)
