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  he Trump Hotel in DC is no more. Good riddance to a sinkhole of corruption

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Author Topic:   he Trump Hotel in DC is no more. Good riddance to a sinkhole of corruption
PhoenixRising
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posted May 12, 2022 02:57 PM     Click Here to See the Profile for PhoenixRising     Edit/Delete Message   Reply w/Quote
The Trump Hotel in DC is no more. Good riddance to a sinkhole of corruption

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

source : MSNBC

quote:

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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jwhop
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From: Madeira Beach, FL USA
Registered: Apr 2009

posted May 12, 2022 07:27 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Trump sold the lease for more than $100 million more than he had invested.

No wonder Trump was able to turn the US economy around after 8 years of the bungling, incompetent boobs Obama/O'Biden in the White House. Trump is a great manager and a great President.

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PhoenixRising
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posted May 13, 2022 08:09 AM     Click Here to See the Profile for PhoenixRising     Edit/Delete Message   Reply w/Quote
Finance is its own God. For those suffering with amnesia -- SandP 500 created a record under Biden.

Further more for those suffering with amnesia -- Trump heralded a plague from which we are still recovering and he brought America to its knees with its divisive policies. Feel bad for his personal financial losses too but glad corruption and Epstein like association will end. He should retire gracefully. Pay attention to his son Baron and make him a good person than the monster he was. But he was also balanced in the sense, he saw best of both the democratic and republican party.

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jwhop
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From: Madeira Beach, FL USA
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posted May 13, 2022 01:39 PM     Click Here to See the Profile for jwhop     Edit/Delete Message   Reply w/Quote
Idiot leftists...in the press and 'elsewhere' thought they were running a hit piece on Trump.

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.

And Joe Biden? He couldn't build or run a lemonade stand.

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