Donald Trump’s Washington, DC, hotel lost more than $70M during
The House Committee on Oversight and Reform said the luxury hotel just a few blocks from the White House was struggling so badly that the Trump Organization had to inject $27 million from other parts of its business and got preferential treatment from a major lender to delay payments on a $170 million loan.
The committee said the losses came despite an estimated $3.7 million in revenue from foreign governments, business that ethics experts say Trump should have refused because it posed conflicts of interest with his role as president.
The Trump Organization said in a statement that the findings of the Democrat-led committee were misleading and false, and it did not receive any special treatment from a lender.
“This report is nothing more than continued political harassment in a desperate attempt to mislead the American public and defame Trump in pursuit of their own agenda,” the company said.
The documents from the committee, the first public disclosure of audited financial statements from the hotel, show steep losses despite a brisk business from lobbyists, businesses and Republican groups while Trump was in office.
The alleged loan delay by Deutsche Bank to the president was an “undisclosed preferential treatment” that should have been reported by the president because the bank has substantial business in the U.S., the committee said in a letter to the General Services Administration, the federal agency overseeing the hotel. The hotel is leased by the federal government to the Trump Organization.
“The documents … raise new and troubling questions about former President Trump’s lease with GSA and the agency’s ability to manage the former president’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant,” the committee’s Democratic co-chairs, Carolyn Maloney of New York and Gerald Connolly of Virginia, wrote in their letter.
The GSA did not immediately respond to a request for comment.
For its part, Deutsche Bank said in a statement that the committee made “several inaccurate statements” about the loan agreement but declined to elaborate, citing loan privacy concerns.
The committee’s letter to the GSA said the hotel losses contradict the “exaggerated image of financial success” that the president was portraying in the personal financial disclosure reports he sent to a federal ethics agency each year. But those reports require only revenue to be disclosed, not profits, an apples-to-oranges comparison that one of Trump’s sons seized upon in a tweet blasting the…
Read More: Donald Trump’s Washington, DC, hotel lost more than $70M during