That probably makes it the most expensive hotel in the city, according to industry experts, as guests at competing luxury hotels such as the Hay-Adams, Four Seasons and Willard paid an average of $495 a night, according to data from STR. But room rates don't tell the whole story: The hotel made $8.2 million on food and drinks, which was 37% higher than projections and accounted for more of the revenue than a non-convention-center hotel typically sees, per analysts. In addition to a 192% increase from revenue expectations, the hotel's room rates were quite a bit higher than management had anticipated.
The Trump International Hotel in Washington, D.C. has profited almost $2 million in 2017, according to newly released figures.
According to The Post, Trump said he turned the hotel over to his sons but still retained ownership rights that allows him to, with time, still profit from the building.
Trump International Hotel, which sits blocks away from the White House, was expected to lose more than $2 million dollars in its first four months, according to the documents.
Remember when, before President Trump took office, questions and concerns abounded about his conflicts of interest-that, with business holdings around the world, he could potentially profit from the presidency?
Even though the hotel is rarely occupied, as in an average of 42% of rooms are unoccupied, its still managed to post an enormous profit.
The Washington D.C. hotel owned by the Trump family wasn't supposed to be making money so soon after opening its doors in September, but its connection to the president and its proximity to the White House and Capitol Hill have given the property a healthy boost to its bottom line.
The watchdog group Citizens for Responsibility and Ethics in Washington alleged in January that Trump was violating the hotel's lease by not divesting from his company.
Trump and the Trump Organization have denied any wrongdoing.
The Journal on Friday based its report on hotel records that were briefly posted online Thursday by the General Services Administration - the government agency that, despite Trump's control of it as President, serves as the Trump hotel's landlord - with financial data included.