Spike In Rates At Trump DC Hotel Helped Reverse Expected Losses
Spike In Rates At Trump DC Hotel Helped Reverse Expected Losses
A Hotel Down the Street From the White House Made a Lot of Money This Year
12 August, 2017, 00:30
Credit room rates, in part: The Journal and Post cite slightly different average nightly room rates-$660 and $653, respectively-but either figure is well above the $495 hotelgoers paid at luxury rivals like the Four Seasons and the $416 the hotel had expected to charge between January and April.
The General Services Administration on Friday pulled down a trove of unredacted documents from its website that revealed President Trump's Washington hotel made $1.97 million in profits so far in 2017.
The Trump Organization signed a contract in 2013 with the federal government to lease the historic post office and turn it into an upscale hotel near numerous capital's most famous landmarks, including the White House.
The only divisions of the hotel that didn't churn a profit were retail, parking, and the Spa by Ivanka Trump.
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Government ethics experts and Democrats in Congress have railed against the government's lease, with Rep. Peter A. DeFazio (D-Ore.) calling it a "highly unethical arrangement".
The Washington Post reported the hotel, which is located a few blocks from the White House, is exceeding expectations in its first full year in service.
Government watchdog groups, competing businesses and state attorneys general have sued about what they call unfair business practices that allow Trump to use the presidency to enrich himself - a tension likely to be heightened by the hotel's nearly immediate profitability. Hm, how might the Trump International Hotel have pulled that one off? The hotel the analyst is referring to is the recently opened Trump International Hotel in Washington, DC, which has this year logged an occupancy rate of 42.3%. The federal government collects $3 million in annual rent from the Trump Organization for the hotel. Not that it matters to the president's daughter: despite publicly resigning from the Trump Organization after taking a job in the White House, Ivanka held onto her stake in the DC hotel.
"We are very proud of the success of the project", the president's son Eric Trump, who took over the company with his brother Don Jr., said in an email. The GSA owns the lease to the Old Post Office, the building which was later developed into the Trump International Hotel.
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