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

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

Trump’s income from the Trump International Hotel reported in public financial information from 2016 to 2020 totaled more than $ 156 million, the committee said on Friday.

But during that four-year period, Trump’s Washington hotel actually suffered a net loss of over $ 70 million while he was president and had to be loaned over $ 27 million by l one of Trump’s holding companies, DJT Holdings LLC, from 2017 to 2020, according to the hotel’s financial statements obtained by the committee.

More than $ 24 million has not been repaid and has instead been converted into capital contributions, the committee said.

The documents contain details that Congress sought for years during Trump’s presidency, particularly information on foreign payments to Trump’s companies, which House Democrats have unsuccessfully sued under the claims clause. emoluments of the Constitution. The emoluments clause, an anti-corruption provision written by the founders of the country, said Congress should be able to approve any gifts to office holders of foreign governments. But despite the House’s long-standing interest in an autopsy of Trump’s finances, Congressional approval of the foreign payments the Trump Organization received never took place.

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

The loan terms required the Trump Hotel to start repaying the principal in 2018, but the terms were revised that year to allow the Trump Hotel to defer those payments for six years.

CNN has contacted the Trump Organization, GSA and Deutsche Bank for comment.

In July, the GSA handed over documents that included Trump Hotel’s audited financial statements from 2014 to 2020 prepared by WeiserMazars LLC, Trump’s accounting firm and three years of Trump’s financial statements compiled by Mazars.

Various House committees have also been studying Trump’s tax returns and other financial documents from Mazars USA and Deutsche Bank for years, without success.

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

The committee also asks that the GSA produce more documents by the end of the two weeks.

The GSA, which manages federal buildings and land, awarded the lease for the old post office building in 2012. Trump opened the hotel in 2016, when he was the Republican candidate for president.

Since then, the oversight committee has investigated conflicts of interest regarding the GSA’s management of the Trump Hotel lease.

When he took office, Trump resigned from his companies but transferred his assets to a trust run by his sons, allowing him to continue to benefit financially from the DC Hotel and his other businesses.
In 2019, the GSA inspector general said the agency “ignored the Constitution” in deciding to maintain the building lease at the hotel after Trump was elected to the White House.

CNN’s Kara Scannell and Kirsten Holmes contributed to this report.

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