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Trump's iconic D.C. hotel will likely be sold in the near future for slightly more than $370 million, a deep discount from the asking price of $500,000.
The Trump organization leased the building from the General Services Administration in 2013, and spent $250,000,000 renovating it. It reopened in 2016. The renovation required a loan of $170 million, and it is coming due soon, in spite of preferential treatment from the lender (Deutsche Bank?).
As president, Trump hosted dozens of dinners in the hotel’s restaurant and caught flak from ethics watchdogs for encouraging administration officials to visit the facility.
One group, Citizens for Responsibility and Ethics in Washington, logged 973 visits to the hotel by public officials during Trump’s term in office.
Between its opening and last week, the hotel had lost $70 million.
The new owner will remove the Trump name from the property.