News That Will Drive You To Drink

Happy Hour News

Says it all

The fire sale continues:

Former President Trump is in advanced talks to sell rights to his Trump International Hotel in Washington, D.C., sources tell Axios.

Why it matters: The removal of Trump’s big, golden name from Pennsylvania Avenue would be a symbolic bombshell savored by opponents.

Oh, hell, yes! Emoluments Central!

  • The historic building became a prop and symbol for both sides in the political wars.
  • The hotel was a central setting during his chaotic presidency, with Trump preening at his personal table, and supporters and supplicants thronging the lobby bar and restaurants to curry favor.

“…to curry favor and moisten his beat.” FIFY

  • Sources said the former president is likely to get less than the $500 million he was reportedly seeking in 2019.

He ain’t gonna get anywhere near that amount for his lease now that the pandemic has clobbered tourism, and frankly, kissing his orange ass is why it had the rack-rate it had.

  • When Trump left office, The Washington Post reported that the D.C. hotel had a $170 million loan outstanding, and had seen revenue drop more than 60 percent compared to the previous year.
  • In early June, the Post reported that Trump had hired the brokerage firm Newmark Group to market the lease.
  • The original commercial real estate brokerage firm, Jones Lang LaSalle Inc., dropped out following the Capitol riot, Bloomberg reported.

It’s funny how no one mentions that Twizzler was trying to unload it in 2019. Go figure that the dumbest one of all couldn’t unload it for $500M Ameros.

(H/T Scissorhead D-Cap)

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6 Responses to News That Will Drive You To Drink

  1. Ten Bears says:

    Fluff, they call it in Real Estate, salting the mine, making it look like there’s more interest – “if you kids are interested you need to move on it today because I’m showing it to a couple from Possum Run this afternoon” – or more potential than there is.

    Before I wanted to see them stripped of everything – everything – and marched naked down Fifth Avenue to an awaiting repurposed oil tanker to carry them all into deportation and permanent exile … I wanted to see them homeless, on the streets.

    Just a little thing of mine …

    Liked by 3 people

  2. quakerinabasement says:

    $500 million? Right.

    Let’s assume the average nightly room rate is $500. (That’s a bit high, but stick with me.) That means the new owners would have to rent out ONE MILLION ROOMS before they start making any money on the deal. The hotel has 263 rooms, according to Google. That means the hotel would have to be booked at full capacity for 3,800 nights or 10.4 years to rent a million rooms.

    Of course, they’re not booked full every night, but there’s also the overpriced bar and restaurant selling $2 glasses of water and all. What this works out to is, “Here, you can have this hotel…as long as you send us all the money that comes in the front door for, oh maybe the next decade or so!”

    I wonder why it hasn’t been snapped up yet.

    Liked by 2 people

  3. RWW says:

    I’d like to see Hunter Biden get it at a fire sale price, maybe with foreign investors helping, then we could hear from Repukelicans about what a conflict of interest that would be for Handsome Joe and that he should be impeached every day forever. The MSM would pile on and tut tut about “optics” and such other bullshit and remind us how unprecedented this is and how Peggy Noonan and Chris Matthews are having a collective kannipschen fit over it. Ah, good times!

    Liked by 1 person

  4. Bruce388 says:

    I remember the earlier attempts to sell this roach motel. The financials indicated it was losing money when he was squatting in the White House. That’s when it should have been profitable, what with the furriners staying there to curry favor with Jabba the slut. Now that he’s out of office, that place has to be losing more money than his golf courses.

    Liked by 2 people

  5. it was financed using Historic Tax Credits which do not allow a building’s sale for some definite period of time — 10 or fifteen years typically. No real estate buyer is going to toiuch it and get embroiled into the shitshow that’s going to become.

    Like

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