Revenue fell at least 62% at the Trump International Hotel in Washington, D.C. last year, as the pandemic ravaged hospitality properties around the world, according to Donald Trump’s final financial disclosure report.
The latest report lists “hotel related revenue” of $15.1 million, down from the $40.5 million listed on the previous year’s report. The numbers could be even worse than the report makes them appear. That’s because, according to financial disclosure guidelines, the newest report is supposed to cover all of 2020, plus the start of 2021, which means the $15.1 million figure may be slightly higher than it would be if it just included numbers from 2020.
A spokesperson for the Trump Organization did not immediately respond to a request for comment.
Trump owns 77.5% of the hotel, and his family members hold the remainder. On previous financial disclosure reports, the former president seems to have just listed his share of the revenue rather than the total. In other words, the hotel’s full 2019 revenue was apparently $52.3 million, and Trump’s 77.5% portion of that was $40.5 million. If Trump again only listed 77.5% of the revenue on his latest report, then the total revenue would be $19.5 million.
Either way, it’s a big problem for the former president, who took on a $170 million loan from Deutsche Bank in 2015 at the hotel. Even before the pandemic, it did not appear that Trump was turning a large enough profit on the property to cover his interest expenses. The loan comes due in 2024.
This story will continue to be updated.
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January 21, 2021 at 09:13PM
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Revenue At Trump’s D.C. Hotel Plunged More Than 60% Last Year - Forbes
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