Trump’s D.C. Hotel Lost $70 Million During His Time In White House
Former President Donald Trump‘s Washington, D.C., hotel incurred over $70 million in losses during his time in the Oval Office, despite the business mogul’s claims that the property was making tens of millions of dollars, according to the House Oversight Committee.
Documents obtained by the Committee show that the hotel received millions from foreign governments, which the former president failed to disclose.
The Deutsche Bank, for example, offered Trump a $170 million construction loan, signaling that the former president received “undisclosed preferential treatment.”
According to the committee, this undisclosed foreign financial aid raises “concerns about possible violations of the Constitution’s Foreign Emoluments Clause.” Deutsche Bank has accused the committee of making “several inaccurate statements regarding Deutsche Bank and its loan agreement.”
The Trump International Hotel earned over $156 million, the Committee said on Friday. However, it also suffered a loss of over $70 million while Trump was in office.
A Trump Organization spokesperson called the committee’s findings “intentionally misleading, irresponsible and unequivocally false.” The spokesperson added that the committee has “a fundamental misunderstanding of basic accounting principles – including the difference between gross revenue and net profit.”
The spokesperson also said that the Organization “invested a significant amount of time and money to save this crumbling asset which was costing American taxpayers millions of dollars each year.”
The spokesperson added: “Simply stated, this report is nothing more than continued political harassment in a desperate attempt to mislead the American public and defame Trump in pursuit of their own agenda.”