cbsnews.com - 8 days ago
Trump Hotel reports $2 million in profits in first four months of 2017
The Trump International Hotel in Washington, D.C., made $1.97 million in profit in the first four months of the year, dramatically outpacing the expectations of the Trump Organization.
In fact, according to new financial documents first reported by The Washington Post, the Trump family projected a $2.1 million loss for the same period of time when it opened last fall. Instead, from January to April, the hotel's profits were $4 million higher, a 192-percent difference from its original projections. Located just blocks away from the White House on Pennsylvania Avenue, the Old Post Office Pavilion-turned-hotel charges more per room than most other stays in the district, despite the 263-room hotel's low occupancy rate of around 42 percent. According to General Services Administration (GSA) documents cited by the Post, guests are paying an average of $652.98 a night, 57 percent more than the Trump Organization estimated. That price puts it above other luxury hotel properties like the Hay-Adams, Ritz-Carlton, Four Seasons and Willard Hotels. On Friday, a Google search showed per night prices of $483 for the Four Seasons, $365 for the Ritz-Carlton and $329 for the Hay Adams. The Trump Organization rents it from the General Services Administration for $250,000 each month.
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