In a surprising turn of events, former President Donald Trump has reportedly lost millions of dollars on a hotel property he sold in Washington, DC, according to a recent report by Forbes. The Trump Organization had won a bid in 2012 to restore an old D.C. post office and transform it into a luxury hotel, committing to pay substantial loans to the General Service Agency (GSA) for the next 60 years.

After a massive $200 million renovation, the Trump International Hotel opened its doors in 2016 and quickly gained popularity as a social hub for Republican politicians, diplomats, and foreign governments. Forbes reported that by 2020, around 75% of officials in Trump's administration had been observed at the hotel, bolstering its reputation further.

Despite its initial success and its allure as a gathering place for influential individuals, Trump's D.C. hotel struggled financially. The property's revenue fell short of expectations, and it faced even more significant challenges during the pandemic. Efforts to sell the hotel for over $500 million proved unsuccessful until 2022 when Trump sold it to CGI Merchant Group, a Miami-based company, for $375 million.

Trump received a substantial sum of $127 million from the sale, but not all went according to plan. In order to finance the investment, CGI Merchant Group borrowed $28 million directly from Trump himself, as well as an additional $285 million from merchant bank BDT & MSD Partners. However, the group encountered financial difficulties, eventually missing a loan payment, leading BDT & MSD to initiate foreclosure proceedings.

As a result, Trump lost the entirety of the $28 million he had loaned to CGI Merchant Group. In a turn of events, BDT & MSD, being the sole bidder for the property, ended up purchasing the hotel for a mere $100 million.

While the hotel is now under new ownership and has been rebranded as the Waldorf Astoria, hosting prominent Democratic groups, its profitability continues to be a subject of concern. The sale may have brought in significant funds for Trump, but the financial losses he endured on the property highlight the challenging nature of the hospitality industry, especially during unpredictable times.

It remains to be seen how the new owners will navigate the hotel's financial future and whether they can turn things around. However, for Trump, the former president and Republican nominee, the outcome serves as a reminder that even grand real estate ventures can result in substantial financial setbacks.