The documents published through the House Oversight and Reform Committee on Friday revealed that the former president Donald Trump's hotel located in the Old Post Office Building in downtown Washington, D.C., was losing millions of dollars each year when he was in office, despite his statements that he was not.
In the federally-mandated public financial disclosures for 2016 to 2020, Trump reported that the Trump Hotel produced over $150 million of revenues. However, the hotel had losses that exceeded $70 million, as per the committee.
Financial statements indicate that that the property suffered negative net loss in the amount of $17.7 million in the fiscal year that ended August 31 2017, 2017; $13.5 million for 2018 and $17.8 million for 2019 and $22.3 million in 2020.
The loss led Trump to take at least $24 million from his holding company to help the property's value, and in the year 2018, he was able to negotiate favorable terms in a settlement that he signed with Deutsche Bank that allowed him to put off paying the loan of $170 million he'd personally backed.
(A Deutsche Bank spokesperson told HuffPost that the committee had made "several incorrect assertions" concerning its contract for loans with Trump however, they did not provide further details.)
In the same way as per an analysis of the committee the committee, foreign governments were spending millions of dollars on rooms at the hotel in total, 7,400 nights from 2017 until 2020 at the average rate for a day, which brought about 4 million dollars.
Although Trump claimed that he transferred the foreign funds to the Treasury The committee stated on Friday that the donations constituted just a tiny fraction of the total figures.
The Deutsche Bank deal nor the foreign cash were properly reported the committee found.
The Emoluments clause in the Constitution explicitly restricts U.S. officials or military officers from taking foreign-funded gifts. However, while Trump was allegedly in violation of the clause from the moment his election the lawsuits that claimed he had unlawfully made money from during his time in office were rejected from the Supreme Court in late January 2021, shortly after he resigned his post.
The documents released on Friday reveal that Trump was a fraud in his application in 2011 for the lease of the property, not providing an accurate account for his debts. The committee says that financial statements of 2009 and 2010 that were provided to the General Services Administration concealed hundreds million dollars in debts.
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