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Thursday, March 28, 2024

Trump Owned Hotel in Washington D.C. Raking in the Big Bucks

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President Donald Trump owns a hotel in Washington D.C. named The Trump International Hotel. It’s located in the renovated Old Post Office close to the Washington National Mall. Because of its owner being the President of the United States, even though the price rates for staying in a room there have been raised dramatically, the hotel is continuing to do a brisk business.

The amount of money that the hotel is making is apparently considerable despite prices being increased far higher, after Donald Trump became president, than had originally been planned.  The Trump International Hotel has made about $18 million in revenue in only the first four months of the current year, according to the Wall Street Journal which had access to documents regarding the pricing.  This is despite the fact that the hotel is charging guests up to 60% higher rates than has been planned. The price to stay in a room at the Trump International Hotel had been increased to $660 a day, as opposed to an average daily rate of $495 at other hotels in the area.  According to the hotel documents, the hotel had originally only planned to charge $416 for a room daily.  Even though the hotel had expected a $2.1 million loss, it instead made $2 million in profit during the four month period in question.

Financial records for the hotel are filed with the General Services Administration, which overlooks the lease used by the Trump Organization. They have not made any comment regarding the hotel’s financial reports.  Financial information of this sort is usually taken away from any records posted on the GSA’s website but the information was posted and visible as late as the the 17th of this month, according to the Wall Street Journal.  However, the financial documents were taken down later that same day.

A contract was signed in 2013 between The Trump Organization with the U.S. government to lease out the Old Post Office (which has historical significance) and convert it into a deluxe hotel. It’s location near many Washington D.C. landmarks, as well as the White House, make it especially attractive to tourists and visitors.

Certain experts in ethics in business and government have cited the hotel as a sign that President Donal Trump is intertwining his business interests with that of his position as President and Commander-in-Chief.  He’s been accused of making money off of the fact that he’s in this position as the President of the U.S., allowing his business interests to rake in money from those eager to be close to someone in power, or at least partake in a business owned by one.

As Sean Hennessey, a hotel consultant, related to the Wall Street Journal, “It appears that the hotel has been perceived as a place to be seen and have power lunches and that sort of thing.  The numbers on the [food and beverage] side indicate it has that kind of cachet.”

By: Anat Ghelber

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