Suites Eucaliptus – Top World Finance News

Main Menu

  • Electronic Trading System
  • Lost Decade
  • Made to Measure Tariff
  • United Nations
  • Fund

Suites Eucaliptus – Top World Finance News

Header Banner

Suites Eucaliptus – Top World Finance News

  • Electronic Trading System
  • Lost Decade
  • Made to Measure Tariff
  • United Nations
  • Fund
Lost Decade
Home›Lost Decade›Trump’s Washington hotel lost over $ 70 million while he was president

Trump’s Washington hotel lost over $ 70 million while he was president

By Guadalupe Luera
October 8, 2021
0
0

Former President Trump’s hotel in Washington lost more than $ 70 million while in the White House, despite raking in nearly $ 4 million from foreign governments, according to documents released Thursday by the House Oversight and Reform Committee.

The hotel was in trouble, so much so that Mr. Trump’s holding company had to reallocate at least $ 24 million to help the struggling hotel, according to the documents.

But in his federally mandated financial disclosures, Mr. Trump painted a different picture. He reported that his Washington hotel generated more than $ 150 million in revenue while he was in office.

The committee obtained the equipment from the General Services Administration (GSA), which leased the old Federal Post Office building to Mr. Trump for nearly a decade, so his company could turn it into a luxury hotel.

The documents show that Mr. Trump’s company told the GSA in 2017 that it is expected to start repaying the principal on its loan to Deutsche Bank the following year. But in 2018, the company’s record indicated that it wouldn’t have to start making principal payments until 2024.

In a press release, Representatives Gerald Connolly and Committee chair Carolyn Maloney allege the change is an indication that Mr. Trump has received “undisclosed preferential treatment” from the Germany-based investment bank.

Deutsche Bank spokesman Dan Hunter objected to the qualification, but said he could not discuss the details of a client’s loan deal.

“The Committee’s letter makes several inaccurate statements regarding Deutsche Bank and its loan agreement,” he said.

Maloney and Connolly wrote to GSA administrator Robin Carnahan on Friday, outlining their findings and saying they merited further investigation.

“The documents provided by GSA raise troubling new questions about former President Trump’s tenure with GSA and the agency’s ability to manage the conflicts of interest of the former president during his tenure when he was in effect. on both sides of the contract, as owner and tenant, ”Maloney and Connolly said in the letter.

Mr. Trump regularly claims that investigations into his trade relationship are politically motivated. .

CBS News has contacted the GSA and a spokesperson for Mr. Trump for comment.

The Trump International Hotel is currently on sale, according to the Washington Post.

New trends

Zak Hudak

CBS News reporter covering the house.

Related posts:

  1. Offline: it’s time to ask questions and learn lessons
  2. Getting misplaced is the entire thought on our “It is Something Can Occur Day” adventures | Tradition & Leisure
  3. Opinion | Is that this the tip of French mental life?
  4. Decade of conflict in Syria prices 1.55 trillion: World Imaginative and prescient report

Categories

  • Electronic Trading System
  • Fund
  • Lost Decade
  • Made to Measure Tariff
  • United Nations

Recent Posts

  • 18 million inhabitants of the African Sahel “on the verge of famine” |
  • Chicago pursues ‘two-sided’ strategy to acknowledge police abuse under former police commander Jon Burge, filing claims
  • Reviews | Biden has the means to reduce inflation. Why doesn’t he act?
  • Global Electronic Nose Market (2022 to 2027) – Industry Trends, Share, Size, Growth, Opportunity and Forecast
  • UN chief expected to disclose Ukrainian grain export talks – UN officials
  • Terms and Conditions
  • Privacy Policy