Donald Trump’s Washington, DC, hotel lost more than $70M during presidency, despite revenue from foreign governments

From Washington-Former President Donald Trump’s company received millions of dollars from foreign governments, according to a document released Friday by a parliamentary commission investigating his business. During his years of tenure, he lost more than $ 70 million at a hotel in Washington, DC.

The House Commission on Surveillance and Reform said that luxury hotels just a few blocks from the White House were so struggling that the Trump organization injected $ 27 million from other parts of the business and received incentives from major lenders. Said to delay payments for a $ 170 million loan.

The Commission said losses were incurred despite an estimated $ 3.7 million in revenue from foreign governments. Ethics experts say Trump should have refused because it caused a conflict of interests with his role as president.

The Trump Organization said in a statement that the Democratic-led committee’s findings were misleading, false and not treated specially by creditors.

“This report is nothing more than ongoing political harassment in a desperate attempt to mislead the American people and defame Trump in pursuit of their own agenda,” the company said.

Documents from the Commission, the first publication of audited financial statements from the hotel, show a sharp loss despite active business from lobbyists, businesses and Republican groups in which Trump is in office.

Deutsche Bank’s allegations of delays in lending to the president were a “private incentive” that the president should report, as Deutsche Bank has a significant amount of business in the United States, the Commission said. Said in a letter to the bureau. Oversee the hotel. The hotel is leased to the Trump Organization by the federal government.

“The document is … about Trump’s lease with the GSA and the ability of the agency to manage conflicts of interest with the former president during his term when he was effective on both sides of the contract as a landowner and tenant. I raise a new and annoying question for the Commission, “Carolin Maloney of New York and Gerald Connolly of Virginia, co-chairs of the Commission’s Democratic Party, wrote in their letter.

The GSA did not immediately respond to the request for comment.

From 2020: President Trump has been exempted from debt of $ 270 million after failing to repay Trump Tower Chicago’s creditors, tax records show.

Deutsche Bank said in a statement that the Commission issued “some inaccurate statements” about the loan agreement but refused to elaborate because of concerns about loan privacy.

The Commission’s letter to the GSA stated that the hotel’s loss contradicted the “exaggerated image of financial success” that the president described in his personal financial disclosure report sent to the Federal Ethics Administration each year. .. However, these reports only need to disclose revenue, not profit. This is a comparison of apples and oranges seized by one of Trump’s sons in a tweet that blows up the committee.

“Before writing a long letter to us, learn the difference between total income and net income,” Eric Trump wrote, calling the committee “incompetent.”

The Trump company has been trying to sell a 263-room hotel since the fall of 2019, but during the coronavirus pandemic, it struggled to find a buyer at the reported initial asking price of over $ 500 million. Did.

The loss, said the head of CREW at the Government Ethics Watchdog, said the loss sheds new light on Mr. Trump’s refusal to ban foreign governments from patronizing his business.

Noah Bookbinder, President of the Citizens for Responsibility and Ethics in Washington, said: “He used his presidency to win business was absolutely essential to stop the flow of losses.”

To alleviate concerns about conflicts of interest, Trump promised to send payments to the US Treasury each year for foreign government revenues from his business. The Commission said Washington hotel payments under the deal totaled more than $ 350,000 in the first three years after taking office. Critics of the voluntary agreement say Trump’s definition of earnings was unclear, giving the president ample room to lower the numbers.

The Washington hotel was badly hurt by a pandemic-related closure last year, but audited financial statements released by the Commission show that it was suffering every year before it was open. He lost nearly $ 50 million in the first three years of his inauguration and lost $ 22 million last year.

Copyright © 2021 By AP communication. all rights reserved.

Donald Trump’s Washington, DC, hotel lost more than $70M during presidency, despite revenue from foreign governments Source link Donald Trump’s Washington, DC, hotel lost more than $70M during presidency, despite revenue from foreign governments

Related Articles

Back to top button