January 21, 2018

Trump's DC hotel is raking in cash

12 August 2017, 12:31 | Kara Nash

Trump's DC hotel has made $4 million more than his company expected this year

Grand opening of Trump International Hotel in Washington DC

But the hotel raised its room rates after Trump took office, charging an average of $660.28 per night from January to April and resulting in a sizable profit.

Experts interviewed by The Post said that the Trump International Hotel is now the most expensive hotel in Washington - partly because it has become a prestigious meeting ground for high-profile conservative leaders from around the world.

The Trump International Hotel, in the opulently renovated Old Post Office near the National Mall, brought in about $18 million in revenue in the first four months of 2017, in part by charging room rates that were 60 percent higher than what had been planned, according to documents viewed by the Wall Street Journal, which first reported the story.

Trump International Hotel, which sits blocks away from the White House, was expected to lose more than $2 million dollars in its first four months, according to the documents.

The new records bolster concerns about the hotel and the Trump Organization. The Journal states the seemingly obvious: "The fact that hotel rates were substantially above the budgeted amount and above area rates indicates that Mr. Trump's presidency likely played a role in the performance". Because Trump did not fully divest from his businesses, he still benefits financially from the hotel, which ethics groups have suggested leaves him open to major conflicts of interest, including bribery. Rep. Peter DeFazio (D., Ore.) called the arrangement "highly unethical".

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The Washington D.C. hotel owned by the Trump family wasn't supposed to be making money so soon after opening its doors in September, but its connection to the president and its proximity to the White House and Capitol Hill have given the property a healthy boost to its bottom line.

Critics of the president believe this is proof that Trump is profiting from the presidency. Hm, how might the Trump International Hotel have pulled that one off?

Even though the hotel is rarely occupied, as in an average of 42% of rooms are unoccupied, its still managed to post an enormous profit.

The hotel files its financial records every month to the General Services Administration, which oversees the Trump Organization's lease.

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