Omniplan pro effort duration9/4/2023 Trump International Hotel, Washington D.C.Īnd we have rejected those offers in full. is one of the finest hotels in the country as rated by Conde Nast and so many others." Gathering spot for GOPĪccording to election filings, campaign committees tied to the president or the GOP spent about $3 million at the hotel since Trump became president. With business strong, the Trump Organization started shopping around the hotel to potential buyers last October.Īfter the widespread lockdowns and travel restrictions in March, the sales efforts were halted. Even longtime longtime pillars of the Washington hotel business, like the St. Regis and The Hay-Adams, continue to struggle to fill rooms and amid the drop in travel and tourism.īut even when the economy recovers, hotel investors and owners say the Trump hotel is burdened by two conditions that make any sale unlikely. The Trump Organization doesn't own the property, known as the Old Post Office Pavilion, but leases it from the General Services Administration. ![]() Under the lease terms, The Trump Organization is required to pay $3 million a year over 60 years, with the annual rent escalating with inflation. Trump admits to overpaying for the property The company also invested $200 million to renovate the property, with about $100 million of that loaned by Deutsche Bank, according to filings. Hotel owners say the $3 million-a-year lease - far above competing bids when Trump won the rights in 2011 - makes it difficult for any future owner to make a profit. ![]() ![]() ![]() But we will make that so amazing that at some point in the future it'll be very nice." Trump admitted to overpaying for the property, telling The Washington Post in 2012: "I mean, we are paying too much for the Old Post Office.
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