Even blatant corruption couldn’t save Trump from losing $73 million on his D.C. hotel.
. “If you use the space, you’re entertaining people on the president’s property, and if you don’t, you’ve basically just funneled the money to the president and the president’s family.”
Yet even with such an easy way to get money into Trump’s hands, the Trump Organization struggled to turn the D.C. hotel into a profit-making machine. Throughout his presidency, Trump stated in his yearly personal financial disclosures that the Trump D.C. hotel was earning quite a lot of money for him and his family — more than $156 million in income spanning 2017 to 2020. But according to the new congressional findings, the financial health of the hotel was quite dire.
The financial sketchiness uncovered by the oversight committee doesn’t stop there. According to the committee, one of Trump’s principal lenders, Deutsche Bank, agreed in 2018 to renegotiate a $170-million construction loan for the D.C. hotel. Under the new terms, Trump could defer principal payments on loan for six years.
After years of raising the alarm about Trump’s many conflicts of interest, the oversight committee’s latest findings validate the concerns voiced by ethics and transparency advocates that Trump’s hotel could be used as a conduit for foreign money. While there has been ample reporting about foreign dignitaries spending money at the Trump D.C.
Reps. Maloney and Connelly say in their report that they plan to continue investigating Trump’s D.C. hotel and how the General Services Administration handled the lease on that hotel. They’ve requested more documents related to Trump’s Deutsche Bank loan, foreign government spending, and the GSA’s lease with Trump, saying the additional information will help “address the unresolved ethics crisis left by former President Trump and prevent future presidents from profiting off the presidency.
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