Trump earned $285M from DC hotel sale

Former president previously expected to reap closer to $100M in CGI deal

1100 Pennsylvania Avenue NW and Donald Trump (Getty)

TRD Staff

Jul 14, 2023, 11:34 AM

A revised financial disclosure filed by former President Donald Trump shows the sale of his hotel in the nation’s capital resulted in nearly triple the income previously expected for the deal.

The limited liability company that owned the Trump International Hotel in Washington, DC made $284.5 million, Bloomberg reported. The disclosure came courtesy of a filing to the Office of Government Ethics.

The income earned from the hotel doesn’t only include the $375 million sale to CGI Merchant Group, which has since rebranded the property to a Waldorf Astoria. It also included operations until Trump officially sold his stake, as well as the proceeds involved in the sale of the furniture and equipment in the property.

Still, the income generated was far above what Trump previously disclosed, when he wasn’t obligated to give exact details, as more than $5 million from hotel revenue.

When the sale was being negotiated, Trump still owed Deutsche Bank $170 million he borrowed for the hotel. He also owed the General Services Administration a small part of the sales price. After all that, his profit was expected to come out above $100 million.

The income stands in sharp contrast to some of the issues Trump faced at the hotel during his presidency, when watchdogs sounded the alarm about conflicts of interest. The House Oversight Committee previously put the losses at the hotel at greater than $70 million during the Trump presidency.

The Trump Organization was also forced to come down on their price for the property. After initially asking $500 million, the price was lowered to $400 million following a brokerage change prompted by the Jan. 6 insurrection.

The Trump Organization agreed to spend $200 million to renovate the Old Post Office on Pennsylvania Avenue, earning approval for the project in 2012 over the likes of Hilton and Marriott.

Other disclosures from the now presidential candidate’s recent filing includes $1.2 million for managing his Dubai golf course, $5.8 million in royalties and $12.6 million in payments for speaking engagements, $2.1 million in speaking fees tied to Trump Media and Technology Group, as well as the retirement of a mortgage on the Trump National Doral resort.

Overall, Trump’s post-presidency income hovers above $1 billion.

— Holden Walter-Warner

New York