end of an era

Onlookers cheer as Trump’s failing D.C. hotel closes for good and tacky gold signage gets ripped down

It’s the end of an era.

Donald Trump‘s failing D.C. hotel is officially out of business after the ex-president completed the sale of the property to a Miami investor group yesterday, effectively marking the end of his family’s business presence in the nation’s capital.

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CGI Merchant Group bought the 263-room property for a reported $375 million. Trump initially wanted $500 million for the place, but after sitting on the market for roughly two years with no interested buyers, he had to drop the price by $100 million… and then another $25 million.

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After the sale was finalized yesterday, the new owners moved quickly to sage and sanitize the premises. Onlookers reportedly cheered as a cleaning crew came out after dark to start ripping down all the Trump signage, starting with the tacky gold-plated family name plastered above the front doors.

Last year, the House the Committee on Oversight and Reform revealed that, during Trump’s four years in office, the hotel racked up more than $70 million in losses, even though he claimed publicly that it made over $155 million. Not only that, but it received millions from foreign governments in payments and loan deferrals, which he didn’t disclose.

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In response to yesterday’s sale, Rep. Carolyn B. Maloney, Chairwoman of the Committee on Oversight and Reform, released the following statement that read:

Today’s sale is the latest in a long line of questionable deals, conflicts of interest, and constitutional violations involving former President Trump and his Washington, D.C. hotel.  The former president will personally receive tens of millions of dollars in profits from selling his lease at a significant premium over market rates, yet the American public still does not know whose money is paying for this deal.  It is unfortunate that the purchaser, CGI Merchant Group, chose to proceed with the purchase before answering the Committee’s questions, but we remain committed to getting answers and lifting the veil of secrecy on this transaction.

The hotel will be rebranded as a Waldorf Astoria and is scheduled to reopen later this year.

Here’s what people are saying on Twitter about the whole thing…