Trump's DC Hotel Reportedly Lost $1.16M In Its First 2 Months
- 7 years ago
Four House Democrats are claiming that, in its first two months of operation, Trump International Hotel in Washington, D.C. has “reported losses totaling more than $1.1 million.”
Four House Democrats are claiming that, in its first two months of operation, Trump International Hotel in Washington, D.C. has “reported losses totaling more than $1.1 million.”
The figure was provided in a letter written to the U.S. General Services Administration, or GSA, about the Trump Organization potentially breaching its government lease for the Old Post Office land on which the hotel was built.
The letter also states, in part, that “President Trump’s company has reported receiving millions of dollars less in revenue than its own officials projected in the first two months operating the hotel. In fact, President Trump’s company reported losses totaling more than $1.1 million in those two months alone.”
A financial account shows that in September and October, estimated revenue was around $6.3 million when, in actuality, it was about $4 million; and net estimated income was projected to be nearly $400,000, but net actual income registered a deficit of $1.16 million.
The letter goes on to note that “it is possible that subsequent months drew more business and higher income levels.”
But this raises another concern for the group--that of potential conflicts of interest for President Trump.
As such, the four signatories, including Oversight Committee member Elijah Cummings, have asked the GSA to provide responses and documentation addressing these issues.
According to Bloomberg, there has not yet been a response from The Trump Organization, Trump Hotels, or the White House.
Four House Democrats are claiming that, in its first two months of operation, Trump International Hotel in Washington, D.C. has “reported losses totaling more than $1.1 million.”
The figure was provided in a letter written to the U.S. General Services Administration, or GSA, about the Trump Organization potentially breaching its government lease for the Old Post Office land on which the hotel was built.
The letter also states, in part, that “President Trump’s company has reported receiving millions of dollars less in revenue than its own officials projected in the first two months operating the hotel. In fact, President Trump’s company reported losses totaling more than $1.1 million in those two months alone.”
A financial account shows that in September and October, estimated revenue was around $6.3 million when, in actuality, it was about $4 million; and net estimated income was projected to be nearly $400,000, but net actual income registered a deficit of $1.16 million.
The letter goes on to note that “it is possible that subsequent months drew more business and higher income levels.”
But this raises another concern for the group--that of potential conflicts of interest for President Trump.
As such, the four signatories, including Oversight Committee member Elijah Cummings, have asked the GSA to provide responses and documentation addressing these issues.
According to Bloomberg, there has not yet been a response from The Trump Organization, Trump Hotels, or the White House.