Trump's DC hotel is raking in cash

Posted August 12, 2017

Citing a report from the General Services Administration, The Post reported that the luxury hotel charged guests an average of $652.98 a night, which is a 57% increase from projections.

The $4.1 million swing from projected losses to profitability represents a 192 percent improvement from what the Trump family planned to make when the company opened the hotel in the fall. As Trump engages in a disturbing war of words/glorified penis-measuring contest with Kim Jong-un, the Washington Post reports that the Trump International Hotel in Washington, D.C., "has become a financial juggernaut", according to the story's reporter, charging more than nearly any other D.C. hotel (about $650 per night) and drastically outperforming expectations to earn $19.7 million through April 15.

The Post noted the Trump Organization thought the hotel would lose $2.1 million in the first four months of 2017.

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. The most recent legal challenge to Trump's ownership of the property, filed by the watchdog group Citizens for Responsibility and Ethics in a NY district court on August 4, claimed that "no previous president has come to office with such disregard for conflicts-of-interest principles, or presented remotely the same risk of financial entanglement, foreign and domestic".

It's not the only Trump property that has benefited financially from its namesake's presidency.

The hotel has also become a point of controversy for the president, with ethics watchdogs questioning whether Trump is using the presidency to drum up business at the hotel.

"The Trump International is, if not the, then one of the top rate-getters in the city", said Marc Magazine, an executive at the real estate firm Savills Studley. It posted an occupancy rate of 42.3 percent, compared with almost 70 percent in the industry.

Trump and the Trump Organization have denied any wrongdoing.

Critics of the president believe this is proof that Trump is profiting from the presidency. The GSA owns the lease to the Old Post Office, the building which was later developed into the Trump International Hotel.