United States

Trump hotel in DC loses $70 mn during his presidency

19:22, 09 October 2021
Trump hotel in DC loses $70 mn during his presidency

The Trump International Hotel in Washington DC, located just a few blocks from the White House, lost more than $70 million during the Trump presidency, the House Oversight Committee said in a report. Although the late President claimed, that the hotel brought him $150 million in this time. 

The Trump Organization called the accusation unequivocally false and misleading. Trump added that the case is political harassment. 

The American officials argued that Trump had "grossly exaggerated the financial health" of his asset. Trump was forced to fund at least $24 million to support the hotel, according to the House Oversight Committee investigation.

It transpires from the documents that the billionaire didn’t disclose $3.7 million payments from some foreign governments. It could raise concerns about potential violations of the US regulations to prevent foreign influence on federal officials.  

The report also showed that Trump might receive "significant financial benefit" from Deutsche Bank.

Trump opened the hotel in September 2016, a couple of weeks after he was nominated for President from the Republican Party.

Recently, it came to light, that for the first time in 25 years, the former American President Donald Trump is no longer mentioned in the Forbes 400 rankings, as his wealth has been steadily declining following his first presidential campaign.