Sat. May 21st, 2022

Updated October 8, 2021 at. 13:06 ET

The Trump International Hotel in Washington, DC, a hangout for Republican allies to former President Donald Trump during his tenure in the White House, was a major loser of money for Trump’s company, according to a cache of documents released by Congress Democrats on Friday.

How big? The company incurred over $ 70 million in net losses, according to the House Oversight Committee.

The panel said Trump claimed the hotel on Pennsylvania Avenue a few blocks from the White House generated $ 150 million in revenue during his tenure. But it said Trump was “grossly exaggerating the financial health” of the hotel and that his company had to inject $ 24 million to help the facility.

The oversight committee says its findings were in documents recently obtained from the General Services Administration (GSA), which negotiated a lease with Trump for the hotel, a former federal post office.

The committee also found that Trump received preferential treatment from Deutsche Bank, the German financial institution, which allowed Trump to defer payments on the principal of a $ 170 million loan for six years. The panel says Trump personally guaranteed that loan. It also says Trump did not disclose “this significant benefit from a foreign bank” while he was president.

While he was president, the committee says, the hotel received an estimated $ 3.7 million from foreign governments that rented rooms in the facility, “raising concerns about possible violations of the constitutional provision on foreign allowances.”

“The GSA documents raise new and troubling questions about former President Trump’s lease with the GSA and the agency’s ability to deal with the former president’s conflicts of interest during his tenure, when in fact he was on both sides of the contract as a landlord and tenant.” committee chairman, rep. Carolyn Maloney, DN.Y. and rep. Gerald Connolly, D-Va., Chairman of the government’s operational subcommittee.

The documents also show that Trump failed to disclose over $ 1.1 billion in outstanding loan balances for properties the Trump organization owned in Chicago, Las Vegas, New York and San Francisco when he applied to rent the building in 2011.

The committee has asked the GSA to provide it with additional documents, including details of the Trump hotel’s loan from Deutsche Bank, foreign government payments to the hotel and loans from Trump or his business to the hotel. (Read the documents: Part 1, Part 2 and Part 3.)

In a statement, the Trump organization said the House Monitoring Committee’s allegations are “deliberately misleading, irresponsible and unequivocally false.”

“Firstly, it is clear that the committee has a fundamental misunderstanding of basic accounting principles – including the difference between gross income and net profit. Secondly, the company has at no time received any preferential treatment from a lender. Finally, the committee clearly fails to report that profits , collected during the presidency, was voluntarily donated back to the U.S. Treasury at the end of each fiscal year, “according to the statement.

It said the committee is engaged in “nothing more than continued political harassment in a desperate attempt to mislead the American public and slander Trump in the pursuit of an agenda.”

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