The Trump International Hotel in Washington, D.C., a hangout for Republican allies of former President Donald Trump during his term at the White House, was a big money loser for Trump's company, according to a cache of documents released by congressional Democrats on Friday.
How big? The company incurred over $70 million in net losses, according to the House Oversight Committee.
The panel said Trump claimed the hotel, on Pennsylvania Avenue a few blocks from the White House, generated $150 million in revenue during his time in office. But it said that Trump "grossly exaggerated the financial health" of the hotel and that his company had to inject $24 million to aid the facility.
The Oversight Committee says its discoveries were in documents recently obtained from the General Services Administration, which negotiated a lease with Trump for the hotel, a former federal post office.
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The committee also found that Trump received preferential treatment from Deutsche Bank, the German financial institution, which allowed Trump to delay making payments on the principal of a $170 million loan for six years. The panel says Trump personally guaranteed that loan. It also says Trump did not disclose "this significant benefit from a foreign bank" while he was president.
Also while he was president, the committee says, the hotel received an estimated $3.7 million from foreign governments that rented rooms in the facility, "raising concerns about possible violations of the Constitution's Foreign Emoluments Clause." |
