Trump’s DC hotel exceeds expectations, making $2M so far in 2017
Money is rolling in at President Trump’s D.C. hotel, turning a nearly $2 million profit so far in 2017 — a number that far exceeds original profit projections, according to a report by The Washington Post.
The Trump International Hotel in Washington, D.C., was projected to lose $2.1 million in the first four months of 2017 but has instead brought in $1.97 million.
The hotel, which opened last fall, has been working to make a name for itself in downtown Washington, and the $4.1 million improvement over original projections proves it is succeeding.
{mosads}Guests in 2017 have paid a nightly average of $652.98 to stay in the hotel, making the Trump hotel one of the most expensive in the city, with rates poised significantly higher than its competitors.
The profit, however, also offers leverage to critics who claim that President Trump is using his position in the Oval Office to turn a profit.
Since Trump’s inauguration, the hotel has become a popular meeting place for Republican leaders, members of Trump’s Cabinet and conservative groups, as well as a destination for Trump supporters.
Guests at the hotel have spent $8.2 million on food and drinks so far this year.
Trump handed over management of the Trump Organization to his two eldest sons upon taking office, but the D.C. hotel has struck a chord among Trump critics, with many saying owning the building violates the emoluments clause of the Constitution.
Trump International Hotel is located in the Old Post Office Building, just blocks away from the White House, and is leased by the Trump Organization from the General Services Administration, the federal agency that essentially acts as the government’s landlord.
In accordance with the clause, Trump has promised to give the U.S. Treasury any profits that come from foreign governments.
“We are very proud of the success of the project,” said Eric Trump to the Post in an email, who took over management along with his older brother, Donald Trump Jr.
President Trump’s D.C. hotel has been a source of controversy in the past, particularly over whether foreign officials and dignitaries could patronize the hotel to curry favor with Trump’s White House.
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