Embezzlement is criminally prohibited by 18 USC 666, and this DoJ manual page on what is embezzlement cites the answer in Moore v. United States, 160 U.S. 268 that
Embezzlement is the fraudulent appropriation of property by a person
to whom such property has been entrusted, or into whose hands it has
lawfully come. It differs from larceny in that the original taking was
lawful, or with the consent of the owner, while in larceny the
felonious intent must have existed at the time of the taking
Following other case law, the elements of the crime are
there was a trust or fiduciary relationship between the defendant and
the private organization or State or local government agency;
the property came into the possession or care of the defendant by
virtue of his/her employment;
the defendant's dealings with the property constituted a fraudulent
conversion or appropriation of it to his/her own use; and
the defendant acted with the intent to deprive the owner of the use of
This page lists over 32,000 disbursements; filtering just for rent give over 2,400 disbursements, a number of which are recent and made to some business with Trump in the name (Trump Tower LLC etc).
The conversion would have to be fraudulent to be embezzlement. There actually is not any evidence provided that a transfer violated FEC regulations (we have dates, amounts, and recipient), so we would have to speculate about what else is true. There are processed disbursement images up to 10/21/2020 such as this receipt for 3 charges for food and lodging paid to Trump Hotel Collection. In fact this payment was made by Donald J Trump for President, Inc. although the search term was the aforementioned PAC: I will overlook that anomaly.
This is the FEC page on that committee (you have to follow the committee number because the name was also used in the 2016 campaign but was terminated). There vast numbers of filings linked there, but nothing that I saw indicates that Trump is in any sense an employee of the organization, so there is no actual evidence that there were any "Trump actions". First, it would have to be shown that there were Trump actions. Second, it would have to be show that the action was fraudulent. Technical misappropriation is not fraudulent. This FEC page describes the safe harbor provisions for misappropriation. This page specifically addresses embezzlement. Although they use the word "embezzlement", they do not purport that misappropriation constituted embezzlement as defined above, to point out that civil penalties may result from violation, see 11 CFR Part 104. Ultimately, the legal propriety of the disbursements depends on its purpose: here is what the FEC say about illegal conversion for personal use (food for daily consumption, mortgage or rent for personal residence, tuition...).
The available evidence does not even suggest embezzlement.