Hey guys, it looks like the Trump Crime Family is gonna unload
Emoluments Central, er, the DC hotel!
CNN reports that the Trump Organization (which continues to enrich our grifter-in-chief) wants to sell the lease to the Trump International Hotel in Washington! They have made an investor brochure that says a new owner is gonna be knee-deep in all the foreign money thrown its way!
Let’s explore! (emphasis mine)
“Tremendous upside potential exists for a new owner to fully capitalize on government related business upon rebranding of the asset,” reads the 46-page investor pitch. The Trump Organization insists that its refusal to solicit foreign business has cost it more than $9 million. According to the brochure, those “sacrifices” include turning away 17,100 room nights in 2019, resulting in $5.3 million in lost room revenue and $3.9 million in lost food and beverage revenue. The investor pitch is an explicit acknowledgment of how important foreign business is to the 263-room luxury hotel in the Old Post Office building blocks from the White House.
It’s nice of them to lay out for us how much they turned down, because it makes it that much easier to make the case that they knew they were criminals (emphasis mine):
Though it includes specific numbers of how much money it turned away from foreign governments, the pitch does not include figures for how much the hotel has accepted, despite reports showing it has become a magnet for foreign officials. Nor does it provide actual or historical financial performance data for the hotel, which is named in multiple lawsuits accusing Trump of using the property to illegally profit off his presidency…
Despite the Trump Organization’s claims that it turned away millions of dollars in business from foreign governments, the Washington hotel has done brisk business with them. Delegations from Saudi Arabia, Malaysia, and Kuwait have stayed at the hotel or held events there, along with members of Trump’s cabinet and GOP fundraisers. The prime minister of Romania reportedly booked a room earlier this year.
So… what’s that pile of bricks worth?
$500 million selling price
A person familiar with the matter told the Wall Street Journal that the company is hoping to get more than $500 million for the property, or about $2 million per room key (the sales price divided by the number of rooms) — which would be one of the highest prices ever paid for a hotel in Washington.
By contrast the Rosewood Hotel, a luxury five-star property in Georgetown, sold for $1.3 million a room key in 2016.
“People are objecting to us making so much money on the hotel, and therefore we may be willing to sell.”