Donald Trump has made a $100m (£81.9m) profit on the sale of his landmark Washington hotel.
The lease on Trump International Hotel in Pennsylvania Avenue sold for $375m, a record price for the US capital, giving the former president’s company a profit of around $100m even after pandemic losses are taken into account.
It will become a Waldorf Astoria under plans by the buyer, CGI Merchant Group, a Miami-based investor, in partnership with Hilton.
Trump acquired the lease for the Old Post Office building in 2012, pledging to convert it into a luxury hotel at a cost of $200m. It made reported losses of $70m as bookings dwindled during the coronavirus pandemic.
The sale means Trump can pay off a $170m loan to Deutsche Bank, which was used to fund the project.
