The Trump family took out a $170 million loan from Deutsche Bank in 2014 to finance the renovation of the building. But even after that loan is paid off and various payments made by the family to cover business losses are accounted for, the family will generate a profit of about $100 million, home researchers estimate after the sale was announced.
The pandemic, followed by Mr. Trump’s departure from the White House, had already caused a significant decline in business at the hotel, which is perhaps best known for its sprawling lobby set in a nine-story sky-lit atrium. with gigantic crystal chandeliers hanging over a collection of sofas, leather chairs and lounge furniture.
The downturn was evident on the menu in the hotel’s Benjamin Bar and Lounge, as the $120 Trump Tower—a one-pound lobster, eight oysters, four clams, and shrimp—and other high-end items disappeared. The Brioni boutique, an outlet of the upscale Italian costume maker whose clients included Mr. Trump, has moved, while the Ivanka Trump spa is closed and BLT Prime, the main restaurant, is also likely to close soon.
But the hotel still attracts conservative political activists and lobbyists. On a recent night, nearly two dozen pig farmers and producers who were in Washington to lobby Congress sat opposite a Republican women’s group, sipping cocktails and glasses of chardonnay.
Others in the lobby were out of town tourists who wanted to see the hotel before Trump’s name is ripped off the facade.
“May Moses’ name be knocked off every pylon,” Suzanne McCafferty, a Trump supporter visiting from Nashville, said in a joking reference to the character played by Charlton Heston in “The Ten Commandments.” the 1956 film. “If they remove his name, the people in power here now will be very happy, I’m sure.”
