September 27, 2022

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Trump’s DC Hotel Lost Over $70 Million From 2016 to 2020: Docs

  • Trump’s DC hotel lost $73 million from 2016 to 2020, according to an audit released by a House committee.
  • But Trump reported over $150 million in income from the hotel, raising questions about those disclosures.
  • The committee called the hotel a “failing business saddled by debt that required bailouts” from Trump himself.

Former President Donald Trump’s Washington, DC, hotel — the Trump International Hotel, housed in the Old Post Office building on Pennsylvania Avenue — lost over $73 million between 2016 and 2020, according to documents released by the House Oversight Committee on Friday.

These documents included audits of the hotel’s finances conducted by Maz ars USA, a financial advisory firm. The documents show sustained losses following the hotel’s grand opening in the summer of 2016:

  • 2016: $2,546,923
  • 2017: $17,741,066
  • 2018: $13,455,919
  • 2019: $17,817,929 
  • 2020: $22,334,311

These losses call into question financial disclosures filed by Trump, given that he reported earning over $150 million in income from the hotel during that same period.

“The Committee found that President Trump provided misleading information about the financial situation of the Trump Hotel in his annual financial disclosures,” reads the press release. “By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel.” 

The committee said that Trump had to “inject at least $24 million to aid the struggling hotel” from a holding company owned by the former president himself.

In a letter to the General Services Administration requesting additional information on Friday, the committee said that “taken together, these documents show that far from being a successful investment, the Trump Hotel was a failing business saddled by debt that required bailouts from President Trump’s other businesses.”

Friday’s release came after the General Service Administration, an executive branch agency in charge of renting the old federal property to Trump, finally began cooperating with the committee.

“Under the Trump Administration, GSA failed to substantially comply with the Committee’s requests,” the committee said in a press release. “On July 9, 2021, GSA finally produced a subset of requested documents, including the Trump Hotel’s audited financial statements for the years 2014 through 2020, three-years’ worth of President Trump’s statements of financial condition that were submitted to GSA to win the federal lease, and communications between President Trump’s businesses and GSA regarding the lease.”

A spokesperson for Trump did not immediately respond to Insider’s request for comment.

https://www.businessinsider.com/donald-trump-struggling-hotel-dc-lost-70-million-dollars-house-report-2021-10