So the Trump International Hotel is no more, which would go into the “schadenfreude” thread except that the Trump family managed to sell the lease for $375m. The federal government still owns the actual building.
He did own the hotel (the business entity known as the Trump International Hotel). He did not own the physical property the hotel operated from. He has sold the hotel (business) to a group that will plans to put it under the Waldorf-Astoria brand of hotels. They will also not ‘own’ the hotel (physical property) but will indeed ‘own’ the hotel (the Waldorf-Astoria or whatever they end up re-naming the business). If they choose to vacate and move next door, they would still ‘own’ the hotel as a business AND still not own the physical location.
It’s one of those weird bits of semantics where the word ‘hotel’ is being used in two slightly different ways for both the business (which he did own) and the physical property (which he did not).
Whoever bought that lease is sitting on a goldmine. All manner of Republican-affiliated groups seem to hold events there, and Saudi government officials just love the place… money seems to be no object for them on rooms and catering. It can be hard to build up a base of loyal customers but the new management team will actually start with that advantage built-in.