Oct. 8 (UPI) — Former President Donald Trump‘s Washington, D.C., hotel lost tens of millions of dollars during the four years he was in office and tried to hide millions of dollars in payments from foreign governments, according to documents released Friday by Democratic House lawmakers.
The Democratic-controlled House oversight and reform committee said documents released by the General Services Administration also show that Trump wildly overstated the Trump International Hotel’s revenue during his tenure in the White House.
The panel said Trump claimed that the hotel made more than $150 million over that period when it actually lost $70 million.
Committee Chair Rep. Carolyn Maloney, D-N.Y., and Rep. Gerald Connolly, D-Va., said in a letter to the GSA that the information raises “troubling” concerns about the hotel, which is housed in a historic building that Trump leases from the federal government.
The 27-page letter details how Trump’s business failed to disclose the losses and debts in public filings and lease documents and highlights conflicts of interest while Trump was president.
“The documents provided by GSA raise new and troubling questions about former President Trump’s lease with GSA and the agency’s ability to manage the former president’s conflicts of interest during his term in office when he was effectively on both sides of the contract, as landlord and tenant,” they said in the letter.
Maloney and Connolly said due to the hotel’s direct connection to Trump, foreign and domestic interests spent money there as a way to curry favor with the American president.
They said, for example, the documents show that Deutsche Bank allowed Trump in 2018 to delay making principal payments on the hotel for six years.
“Without this deferral, the hotel may have needed to pay tens of millions of additional dollars to Deutsche Bank at a time when it was already facing steep losses,” Maloney and Connolly said in their letter.
“Trump did not publicly disclose this significant benefit from a foreign bank while he was president.”
The two also said foreign governments paid more than $3.7 million at the hotel between 2017 and 2021.
“Internal Trump Organization documents raise questions about how foreign government payments were accounted for by the Trump Hotel,” they added. “Rather than simply transfer the profits … to the Trump Hotel’s parent companies for payment to the U.S. Treasury, the Trump Hotel used the money to offset Trump Organization intra-company loans.”
The committee also said the documents show that Trump accepted millions of dollars in undisclosed emoluments, hid hundreds of millions in debts from the GSA when his company bid on the hotel’s building, and “made it impossible for GSA to properly enforce the lease’s conflict-of-interest restrictions by engaging in opaque transactions with other affiliated entities.”
“This new evidence raises many questions that require further investigation and action by the committee,” Maloney and Connolly said.
The Trump Organization did not immediately respond to the panel’s report Friday.