• By The Financial District

Trump's DC Hotel Incurred $70M Losses While He Was At White House

Former President Donald Trump racked up more than $70 million in losses over a four-year period from his Washington, DC, hotel and lied for four years by claiming the hotel was making more than tens of millions of dollars, documents released by the House Oversight Committee showed.

Photo Insert: The Trump International Hotel in Washington DC

The documents, Katelyn Polantz, Veronica Stracqualursi, Kara Scannell, and Kristen Holmes reported for CNN, also show the hotel received millions from foreign governments in payments and loan deferral, which Trump did not disclose, raising questions about potential conflicts of interest during his presidency.

It's the first time that congressional investigators have reviewed and released details of the former president's financial information, though the Trump Organization on Friday challenged the committee's understanding of accounting and denied any wrongdoing.

The Manhattan district attorney and New York attorney general investigators have reviewed Trump's financials, but none of that has been made public. Trump's income from the Trump International Hotel reported in public financial disclosures dating from 2016 to 2020 totaled more than $156 million, the committee said Friday.

But in that four-year period, Trump's DC hotel actually suffered a net loss of more than $70 million while he was president and had to be loaned more than $27 million from one of Trump's holding companies, DJT Holdings LLC, from 2017 to 2020, according to hotel financial statements the committee obtained.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

More than $24 million was not repaid and was instead converted to capital contributions, the committee said. According to the committee, their analysis of the documents shows that the Trump hotel received an estimated $3.7 million from foreign governments, which they say raises "concerns about possible violations of the Constitution's Foreign Emoluments Clause."

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

The documents include details that Congress chased for years during Trump's presidency, specifically, information about foreign payments to Trump businesses, over which House Democrats unsuccessfully sued for under the emoluments clause of the Constitution.

The emoluments clause, an anti-corruption provision written by the nation's founders, said Congress should be able to approve any gifts to officeholders from foreign governments.

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