By Alex J. Rouhandeh*
Former President Donald Trump’s Washington, D.C. hotel totaled over $70 million worth of losses over the course of his presidency, despite his camp claiming the business was profitable according to documents released by the House Oversight Committee.
While the hotel suffered those losses and needed to receive $27 million from one of Trump’s holding companies, DJT Holdings, Trump reported that the hotel brought him an income of $150 million, according to documents obtained by the General Services Administration.
The committee said that $24 million of that was not repaid and instead went toward capital contributions.
A report from the House Oversight Committee said that former President Donald Trump incurred losses on the his Washington, D.C. hotel despite claims that it was profitable.
In addition to this lack of payment, the report outlined that the hotel entered an agreement with Deutsche Bank Trust Company Americas, a branch of German-owned Deutsche Bank AG, that provided the maximum amount of funding at $170 million. By 2018, the report said the company drew out nearly $168 million of the loan. While the Trump Hotel was supposed to start payments on the loan in 2018, the terms of the deal were revised to allow the Trump Hotel to defer those payments by six years.
Comments are closed.