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Trump DC Hotel's $2 Million Profit Beats Expectations

Image: Trump DC Hotel's $2 Million Profit Beats Expectations

Flags fly above the entrance to the new Trump International Hotel on its opening day in Washington on Sept. 12, 2016. (Kevin Lamarque/Reuters)

By    |   Friday, 11 Aug 2017 09:39 AM

President Donald Trump's D.C. Hotel’s $2 million profit so far this year has exceeded expectations and shattered initial predictions of a $2.1 million loss.

When the Trump International Hotel opened in the fall, the Trump Organization expected a $2.1 million loss during the first four months of this year, The Washington Post reported. Instead, it has reported a $1.97 million profit so far this year, the Post noted, citing a newly released federal document as confirmation of the new hotel and business convention center’s dramatic turnover.

Some estimate that guests visiting the Trump International Hotel, which include conservative, foreign and Christian groups, pay more for a room than at any other hotel in the city, with an average night's stay costing $652.98 compared with $495 a night at competing luxury hotels, the Post reported.

This has led critics to accuse Trump of profiting from his presidency, and some have called the situation unethical.

A December report by the Brookings Institution co-authored by Norman Eisen, who was the chief White House ethics lawyer from 2009 to 2011, detailed concerns about conflicts of interest between Trump's business ties and his role as president.

The emoluments clause of the Constitution prohibits the president from receiving financial gain from foreign governments without Congressional approval.

"The Trump International Hotel in Washington, DC is located in the Old Post Office and leased from the General Services Administration (GSA)," the report noted, adding that, as president, Trump is both landlord and tenant of a federal building, which puts him in violation of a lease stipulation prohibiting elected officials from sharing benefit.

According to The Hill, Trump promised to donate any profits from foreign governments to the U.S. treasury in an attempt to curb controversy. He also handed management of the hotel over to his two eldest sons amid ethical concerns. However, his interest in ownership remains.

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President Donald Trump's D.C. Hotel's $2 million profit so far this year has exceeded expectations and shattered initial predictions of a $2.1 million loss.
trump, dc, hotel, profit
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2017-39-11
Friday, 11 Aug 2017 09:39 AM
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