Trump DC Hotel's $2 Million Profit Beats Expectations

Guests have paid an average of $652.98 a night to stay at the Trump International Hotel in Washington DC. That probably makes it the most expensive hotel in the city according to industry experts

Rates for the hotel are higher than nearby competition, and the Journal reports the hotel charges 60 percent higher than its budgeted prices. But after Trump won the election, those projections did not take into account the idea that the hotel would be turned into an unseemly hub where access to the presidency can be purchased for just a few extra dollars a night.

The Trump Organization, which rents the building from the federal government, had previously projected that the Trump International Hotel would lose $2.1 million in the first quarter of the year, according to The Washington Post, which first reported the documents.

The Trump International Hotel in DC has brought in nearly $1.97 million in profit since the start of 2017, the Washington Post reported Friday.

So far this year, guests have paid an average of $652.98 a night to stay there, significantly higher than the projected daily rate of $416.

The president did not sell his stake in the hotel or other properties, raising concerns that he could profit off the presidency. " In it, the representatives detailed that the property underperformed in the initial months of operation, earning $1.3 million in revenue in September and $2.8 million in October, but according to the new GSA documents, revenue rose to $4.7 million in April".

More news: The cost will be high if nuclear deal violated, Iran warns

However, the occupancy rate for the Trump hotel is low for the area.

Critics of the president believe this is proof that Trump is profiting from the presidency.

Republicans, members of the president's cabinet and the president himself have made appearances at the hotel, which is located in Washington's Old Post Office Building. The most recent legal challenge to Trump's ownership of the property, filed by the watchdog group Citizens for Responsibility and Ethics in a NY district court on August 4, claimed that "no previous president has come to office with such disregard for conflicts-of-interest principles, or presented remotely the same risk of financial entanglement, foreign and domestic".

The constitution's emoluments clause bars public officials from accepting payments from foreign governments, which the Trump Org wasn't tracking as of late May.

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