Earlier this year, the Trump Organisation had projected that it would lose $2.1 million during the first four months of 2017 as it established a new hotel and convention business in the nation’s capital, The Washington Post reported on Thursday.
Instead, the hotel, with the White House down the street, is already turning a hefty profit and charging more for its rooms than most or all of the city’s other hotels.
Driving the profits are the extraordinary prices guests have been willing to pay for rooms, including members of Trump’s cabinet, as well as big spending on food and beverages in the meeting areas, bar and restaurant — spots frequented by members of the President’s inner circle and other Republican leaders.
This year, guests have paid an average of $652.98 a night to stay there, beating the company’s expectations by 57 per cent, according to documents posted online by the General Services Administration.
Since Trump entered the White House in January, the hotel has emerged as a Republican Party power centre and popular destination for conservative, foreign and Christian groups holding meetings in Washington, earning the company $19.7 million through April 15, according to his financial disclosure with the government.
Trump International visitors have spent $8.2 million on food and drinks so far at the hotel this year, beating expectations by 37.2 per cent, reports The Washington Post.
“We are very proud of the success of the project,” the President’s son Eric Trump, who took over the company with his brother Don Jr., said in an email.