Trump DC hotel incurred more than $70 million in losses while Trump was president, documents show

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It is the first time that congressional investigators have reviewed the former president’s financial information and released the details. The Manhattan District Attorney and the Attorney General of New York have reviewed Trump’s financial situation, but none have been made public.

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The committee said Friday that Trump’s income from Trump International Hotel in public financial disclosures from 2016 to 2020 totaled more than $156 million.

But over that four-year period, Trump’s D.C. Hotels actually suffered a net loss of more than $70 million while he was president and from 2017 to 2020 from $27 million from one of Trump’s holding companies, DJT Holdings LLC. Had to take more loan. As per the hotel financial statements received by the committee.

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The committee stated that no more than $24 million was paid out and was instead converted into capital contributions.

The documents include details that Congress pursued for years during Trump’s presidency, particularly information about foreign payments to Trump businesses, which House Democrats unsuccessfully sued under the emoluments clause of the Constitution. The anti-corruption provision, penned by the nation’s founders, states that Congress should be able to approve any gifts from foreign governments to officeholders. But despite the House’s years of interest in an autopsy of Trump’s finances, the Trump Organization never obtained Congressional approval of foreign payments.

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The committee also claimed that documents from the General Services Administration show that Trump received “unknown preferential treatment” from Deutsche Bank on a $170 million construction loan.

The terms of the loan required Trump Hotels to begin repayments on principal in 2018, but the terms were modified that year to allow Trump Hotels to defer those payments for up to six years.

Granthshala has reached out to the Trump Organization, GSA and Deutsche Bank for comment.

In July, the GSA turned over documents that included audited financial statements of Trump Hotels from 2014 to 2020 prepared by WeiserMazars LLC, Trump’s accounting firm, and three years’ worth of Trump’s financial position statements. was compiled by Mazar.

Various House committees have been unsuccessfully chasing Trump’s tax returns and other financial documents from Mazars USA and Deutsche Bank for years.

Documents released Friday raise “troubling questions” about leasing with the General Services Administration and “the agency’s ability to manage the former president’s conflicts of interest during his term in office when he is on both sides of the contract.” But we were effectively as landlord and tenant,” Carolyn Maloney, Democratic chair of the oversight committee, wrote in a letter to the GSA on Friday.

The committee is also requesting that the GSA submit more documents by the end of two weeks.

GSA, which manages federal buildings and land, awarded with Lease for the Old Post Office building in 2012. Trump opened the hotel in 2016, when he was the Republican nominee for president.

Since then, the Oversight Committee has been investigating conflicts of interest regarding GSA’s management of the Trump Hotel lease.

When he took office, Trump resigned from his companies but transfer your assets to a trust is run by his sons, from which he still benefits financially from DC Hotels and his other businesses.
In 2019, the GSA inspector general said the agency “ignored the constitution” when deciding to retain the building’s lease to the hotel after Trump was elected to the White House.

Granthshala’s Cara Scannell and Kirsten Holmes contributed to this report.

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Credit : www.cnn.com

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