Donald Trump, 5th President of United States, holds a press conference at Trump National Golf Club, Bedminster, New Jersey, United States of America, July 7, 2021.
WASHINGTON The former President Donald Trump's luxury hotel in Washington, D.C., suffered a loss of more than $70million between 2016 and 2020, according to new confidential filings his accountants provided to the General Services Administration, the landlord.
Despite the fact that the hotel was in serious financial trouble, Trump's annual financial disclosures to the Office of Government Ethics revealed publicly that the hotel's revenues were close to $156.6 million.
However, Trump's accounting firm WeiserMazars LLP disclosed to GSA in confidential reports that the hotel had lost $73.9 million during that time.
A new report by the House Oversight and Government Reform Committee was released Friday. It found that Trump's discrepancy between publicly and privately reported information had the effect of misleading the public about Trump's financial situation.
A Trump spokesperson did not respond to Friday's request for comment regarding the CNBC report.
Another attempt to hide the real state of Trump's finances, the committee alleges that Trump concealed more than $20,000,000 in loans his real-estate holding company made to the struggling hotel.
"Far from being an investment that was successful, the Trump Hotel had a failing business that needed bailouts from President Trump’s other businesses," the committee wrote to Robin Carnahan in a Friday letter. Carnahan is the administrator of the General Services Administration. This federal agency holds the lease for the underlying property of Trump’s D.C. hotel. It includes the historic Old Post Office Building located on Pennsylvania Avenue.
