x

Economy

Trump Hotel Lost $70M During Presidency, Got Help from Bank

NEW YORK — Former President Donald Trump's company lost more than $70 million operating his Washington, D.C., hotel while in office, forcing him at one point to get a reprieve from a major bank on payments on a loan, according to documents released Friday by a House committee investigating his business.

In addition to the payment delay, the Trump Organization also had to inject $27 million from other parts of its business to help the hotel, according to documents released by the House Committee on Oversight and Reform. The committee said financial statements it obtained show the losses came despite an estimated $3.7 million in payments from foreign governments, business that government ethics experts say Trump should have refused because it posed conflicts of interest with his role as president.

The Trump Organization did not immediately respond to requests for comment.

The documents from the committee, the first public disclosure of audited financial statements from the hotel, show steep losses despite a brisk business while he was in office from lobbyists and businesses and Republican groups.

The loan delay by Deutsche Bank to the president was an "undisclosed preferential treatment" that should have been reported by the president because the bank has substantial business in the U.S., the committee said in a letter to the General Services Administration, the federal agency overseeing the hotel. The hotel is leased by the federal government to the Trump Organization.

"The documents … raise new and troubling questions about former President Trump's lease with GSA and the agency's ability to manage the former president's conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant," the committee, overseen by Democrat Carolyn Maloney of New York, wrote in a news release.

Trump's company has been trying to sell the 263-room hotel since the fall of 2019 but has struggled to find buyers.

RELATED

Russia is poised to default on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission…to Alonnisos, a TNH Documentary

O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.