According to the House Committee on Oversight and Reform, former President Trump’s company lost over $70 million on his Washington, DC, hotel during his term, despite taking in millions from foreign governments.
On his federally mandated financial disclosures, President Trump reported that the Trump Hotel earned him over $150m in revenue during his time in office.
However, the records obtained by the committee show that the Trump Hotel actually incurred net losses of over $70m, leading the former president’s holding company to inject at least $24m to aid the struggling hotel.
By filing these misleading public disclosures, President Trump grossly exaggerated the financial health of the Trump Hotel. He also appears to have concealed potential conflicts of interest stemming not just from his ownership of this failing business but also from his roles as the hotel’s lender and the guarantor of its third-party loans.The House Committee on Oversight and Reform
The Trump Organization issued a statement denying the claims.
“This report is nothing more than continued political harassment in a desperate attempt to mislead the American public and defame Trump in pursuit of their own agenda,” the company said.
Ethics experts said the loss sheds new light on Trump’s actions during his presidency.
“The only lifeline was the corrupt business coming from people and organizations and governments seeking to influence him,” said Noah Bookbinder, president of Citizens for Responsibility and Ethics. “His use of the presidency to get business was absolutely essential to stemming the flow of losses.”