Published: Fri, August 11, 2017
Worldwide | By Gretchen Simon

Spike In Rates At Trump DC Hotel Helped Reverse Expected Losses

Spike In Rates At Trump DC Hotel Helped Reverse Expected Losses

The Post reports that even though the Trump Organization expected the DC hotel to lose $2.1 million in the first four months of Trump presidency, the hotel brought in 192% more than expected by August. The rate is significantly higher than neighboring hotels like the Four Seasons and Willard - making the Trump International Hotel one of the costliest in DC.

"From January to April, the average daily room rate was $660.28 compared with $495.91 for comparable hotels, according to the documents", the Journal wrote.

The hotel has attracted both tourists and protesters in the months after Trump became president. It had an occupancy rate of 44.4 percent, versus an average 69.5 percent occupancy rate for comparable hotels.

The Trump International Hotel in DC has brought in nearly $1.97 million in profit since the start of 2017, the Washington Post reported Friday. This is because people pay more to stay at the Trump hotel than any other place in DC.

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The Journal cited unredacted financial records temporarily posted Thursday by the General Services Administration, which oversees the Trump Organization's lease for the hotel. The agency took the documents down later that evening, the paper said. Because Trump did not fully divest from his businesses, he still benefits financially from the hotel, which ethics groups have suggested leaves him open to major conflicts of interest, including bribery.

According to The Hill, Trump promised to donate any profits from foreign governments to the US treasury in an attempt to curb controversy. But room rates don't tell the whole story: The hotel made $8.2 million on food and drinks, which was 37% higher than projections and accounted for more of the revenue than a non-convention-center hotel typically sees, per analysts.

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.

Trump denied there are any ethical issues, though the hotel has become a hot spot for Trump operatives, White House staffers, lobbyists and foreign governments.

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