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