9388. 8/11/2017

ETHICS/TRUMP AS PRESIDENT/TRUMP BUSINESS: “President Trump’s hotel in Washington, DC, jacked up its rates after he took office more than it had planned to charge — and the posh facility outperformed his company’s expectations as a result, a new report said Friday [8-11-17].
The Trump International Hotel, in the opulently renovated Old Post Office near the National Mall, brought in about $18 million in revenue in the first four months of 2017, in part by charging room rates that were 60 percent higher than what had been planned, according to documents viewed by the Wall Street Journal, which first reported the story.
From January to April, the average daily room rate was $660 compared with $495 for similar hotels, according to the documents. The hotel had projected its average daily rate would be $416, the Journal reported.
The hotel made a handsome profit of about $2 million during that period after paying rent and other expenses, despite budgeting for an expected $2.1 million loss.
The Trump Organization declined to comment about the financial reports — saying only that it was proud of the hotel’s success…
The Trump Organization signed a contract in 2013 with the federal government to lease the historic post office and turn it into an upscale hotel near many of the capital’s most famous landmarks, including the White House.
But ethics experts called it a symbol of the problems Trump has in separating his private business interests from his job as commander-in-chief.
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.”

-Bob Fredricks, “Trump’s DC hotel is raking in cash,” The New York Post, Aug. 11, 2017 11:49am

Categorised in: , ,

Comments are closed here.