(Bloomberg) -- Executives used Wednesday's official opening of the Trump International Hotel Washington, D.C., to tout interest in the property during its initial weeks in business -- along with the staying power of the lodging brand -- as Donald Trump approaches the conclusion of his presidential campaign.
“Each day I've heard critics attempt to discredit my father's business,” Ivanka Trump, executive vice president of development and acquisitions at the Trump Organization, said at the event. “But honestly, I'll tell you, one of the most telling signs of his success over decades is the thousands of people who work with him, work for him, fought for him and continue to stand by his side.”
Donald Trump, center, and Donald Trump Jr., Eric Trump, Melania Trump, Tiffany Trump and Ivanka Trump on Oct. 26.
Wednesday's grand opening and ribbon-cutting ceremony marked the culmination of a $200 million project. The Trump Organization renovated the 1899 Romanesque Revival-style Old Post Office building, on Pennsylvania Avenue near the White House. With 263 guest rooms and suites, and a ballroom that Trump has said is the biggest in the nation's capital, the hotel is among the priciest in town. Donald Trump, speaking at the event, said the hotel came in “under budget and ahead of schedule.” He cut the ribbon in the lobby alongside wife Melania and children Ivanka, Donald Jr., Eric and Tiffany.
There's some evidence the presidential campaign is taking a toll on Trump's business. During his run for the White House, he has offended groups including Mexicans, Muslims, the disabled and veterans. In a 2005 video made public this month, Trump bragged about making lewd advances on women, prompting almost a dozen to say he'd harassed them -- claims that he strongly denies.
Click here to read a story on Trump saying he has no doubts he'll win the race.
Room Rates
Since Trump Hotels initially set the starting price of Washington rooms at $625 per night, the property has offered discounts, with rates advertised for as low as $404 late this month. October is typically one of the busiest months for Washington hotels. Trump Hotels has said the $404 rate doesn't reflect an accurate picture and that the property has been successful since its soft opening, on Sept. 12.
“We've only been open a couple weeks now, and we're really thrilled with the successes here,” Eric Danziger, chief executive officer of Trump Hotels, said at the event. More than 200 groups have toured the site to consider it for events “and we've had two couples get married already,” he said. “We always set the bar high, and we will continue to raise the bar.”
The hotel has been hit by graffiti and protests. On Wednesday, about a hundred demonstrators gathered outside, shouting against the presidential candidate. They marched with signs reading, “We'll build a wall against racism and bigotry” and “Stand up to racism.”
Click here to read a story on the Trump Hotel in Toronto approaching a sale by auction.
Donald Trump owns 76.725 percent of an entity called Trump Old Post Office LLC, which leased the Washington property from the U.S. government, and Ivanka, Donald Jr. and Eric each own 7.425 percent, a financial disclosure document shows. Trump contributed more than $42 million to the project, according to David Orowitz, a senior vice president at the Trump Organization.
--With assistance from Hui-yong Yu
To contact the reporter on this story:
Sarah Ponczek in Washington at sponczek2@bloomberg.net
To contact the editors responsible for this story:
Daniel Taub at dtaub@bloomberg.net
Brendan Murray at brmurray@bloomberg.net
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