The Trump hotel in Washington lost $ 70 million during the presidency and got help from a bank
Former President Donald Trump’s business lost more than $ 70 million operating its Washington, DC hotel during his tenure, forcing him at one point to secure a reprieve from a major bank on loan payments, according to documents released Friday by a House committee investigating his business.
In addition to the late payment, the Trump Organization also had to inject $ 27 million from other parts of its operations to help the hotel, according to documents released by the House Committee on Oversight and Reform.
The committee said the financial statements it obtained showed the losses occurred despite payments estimated at $ 3.7 million from foreign governments, a deal government ethics experts say Trump should have turned down because this posed conflicts of interest with his role as president.
The Trump Organization did not immediately respond to requests for comment.
The committee documents, the first public disclosure of the hotel’s audited financial statements, show significant losses despite flourishing activity while in office by lobbyists, businesses and Republican groups.
The delay in Deutsche Bank’s loan to the president was “undisclosed preferential treatment” that should have been reported by the president because the bank has significant operations in the United States, the committee said in a letter to General Services Administration, the federal agency responsible for 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 tenure with the GSA and the agency’s ability to manage the former president’s conflicts of interest during his tenure when he was in effect. on both sides of the contract, as owner and tenant. the committee, overseen by New York Democrat Carolyn Maloney, wrote in a press release.
Trump’s company has been trying to sell the 263-room hotel since fall 2019, but has struggled to find buyers.