USA

Trump's Washington hotel saw almost $20 million in revenue

A 98-page financial disclosure report released by the White House has provided the first glimpse at how Donald Trump's private financial empire - or at last parts of it - fared during his campaign and early months in office.

As the AMPA notes, Trump has had $ 20 million in revenue from his new hotel in Washington, which opened very close to the White House in September.

Mar-a-Lago, where Trump played host to several foreign dignitaries during his seven weekends there this winter, has improved its finances.

Trump reported an income of at least $594 million for 2016 and early 2017 and assets worth at least $1.4 billion.

The 98-page disclosure document, posted on the ethics office's website, is nowhere almost as detailed as the tax records that Trump has thus far refused to publish despite a long-standing tradition among American heads of state.

The Trump International Hotel in Washington, D.C. - which has been at the center of debates around the Constitution's Emoluments Clause - has taken in $19.7 million since it opened during Trump's campaign.

He reported liabilities of at least US$110 million to commercial real estate lender Ladder Capital Corp.

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The highest part of Donald Trump's revenue was $115.9 million recorded as golf-resort associated income from the Trump National Doral located in Miami.

Before becoming U.S. president, Trump held officer positions in 565 corporations or other entities, most of which were based in America.

His incomes from many other hotels remained unchanged. However, Bloomberg reports that the report indicates the hotel's loss of $1.2 million in the first two months of operation before he was President. The club doubled its initiation fee after Trump's electoral victory in November, increasing the cost to $200,000. The document covers January 2016 to April of this year.

His assets probably exceeded US$1.4 billion because the disclosure form provided ranges of values. In most of the corporations, his tenure ended the day before his inauguration, according to the report.

Most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.

Before taking office in January, Trump was a NY real estate developer and television celebrity.

Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests.



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