Trump hotel lost £51m during presidency, forcing reprieve from bank

Donald Trump’s company lost more than 70 million dollars (£51 million) operating his Washington hotel during his presidency, forcing him at one point to get a reprieve from a major bank on payments on a loan, according to documents released by a congressional committee investigating his business.

he Trump Organisation also had to inject 27 million dollars (£20 million) from other parts of its business to help the hotel, according to documents released by the House of Representatives Committee on Oversight and Reform.

The committee said financial statements it obtained show the losses came despite an estimated 3.7 million dollars (£2.7 million) in payments from foreign governments, business that government ethics experts say Mr Trump should have refused because it posed conflicts of interest with his role as president.

The first public disclosure of audited financial statements from the hotel show steep losses despite brisk business while he was in office from lobbyists, businesses and Republican groups.

The loan delay by Deutsche Bank to the president was an “undisclosed preferential treatment” that should have been reported by Mr Trump because the bank has substantial business in the US, the committee said in a letter to the General Services Administration, the federal agency overseeing the hotel.

The hotel is leased by the federal government to the Trump Organisation.

“The documents… raise new and troubling questions about former president Trump’s lease with GSA and the agency’s ability to manage the former president’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant,” said the committee, overseen by Democrat Carolyn Maloney.

Mr Trump’s company has been trying to sell the 263-room hotel since autumn 2019 but has struggled to find buyers.

Source link


What do you think?


Leave a Reply

2021 WNBA playoffs – Inside the Las Vegas Aces’ historic, season-saving 24-0 run

Leicester sweat on fitness of Kelechi Iheanacho ahead of Manchester United clash