GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Trump International Hotel Saw Strong Profit in Early 2017

The hotel, in the renovated Old Post Office near the White House, brought in about $18 million in revenue from January to April, in part by charging room rates that were higher than their budgeted prices by around 60 per cent, Xinhua reported.

IANS

Updated:August 12, 2017, 11:42 AM IST
facebookTwittergoogleskypewhatsapp
Trump International Hotel Saw Strong Profit in Early 2017
The valet entrance to the Trump International Hotel in Washington, DC. (Image: Getty Images)
Washington: The US President's hotel in Washington DC, the Trump International Hotel, saw strong profit in the first four months of 2017, according to financial documents reviewed by the Wall Street Journal.

The hotel, in the renovated Old Post Office near the White House, brought in about $18 million in revenue from January to April, in part by charging room rates that were higher than their budgeted prices by around 60 per cent, Xinhua reported.

The average daily room rate of the hotel was $660.28 in the first four months of the year, helping the hotel make a profit of nearly $2 million during that time period after paying rent and other expenses.

The hotel had projected its average daily room rate would be $416.

The Trump Organization signed a contract in 2013 with the federal government to lease the historic post office on Pennsylvania Avenue and renovate it into a luxury hotel.

The hotel held a grand opening ceremony in October last year, less than two weeks before the 2016 US presidential election.

Trump has said he won't be involved in running his business after taking office as the president in January this year, and he has relinquished leadership and management of the Trump Organisation to his two adult sons and the organisation's chief financial officer.

But critics argued that the Trump International Hotel still benefits from unfair advantages because of its close association with the president.

"Although new, the Washington hotel is already known as a D.C. power centre, drawing visits from government and business officials," the report said, noting that's likely reflected in the hotel's food and beverage revenue of $8.2 million for the first four months of the year.

The rates of the Trump International Hotel were substantially above the budget amount and above comparable hotels in Washington D.C., indicating that Trump's presidency likely played a role in the performance of the hotel, the Journal said.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 919.75 -1.75 -0.19
Kotak Mahindra 1,030.10 +5.45 +0.53
Vedanta 298.00 +13.45 +4.73
ICICI Bank 303.15 -1.20 -0.39
Yes Bank 315.90 +12.00 +3.95
Company Price Change %Gain
Kotak Mahindra 1,029.00 +4.00 +0.39
ICICI Bank 303.45 -1.10 -0.36
Bharti Airtel 519.00 -2.00 -0.38
Bombay Dyeing 266.70 +38.35 +16.79
Greenply Ind 335.50 +2.75 +0.83
Top Gainers
Company Price Change %Gain
Vedanta 298.00 +13.45 +4.73
Yes Bank 315.90 +12.00 +3.95
M&M 1,483.40 +51.80 +3.62
Coal India 271.00 +8.15 +3.10
Hindalco 242.75 +6.35 +2.69
Company Price Change %Gain
M&M 1,482.65 +50.95 +3.56
Coal India 271.05 +7.95 +3.02
Dr Reddys Labs 2,372.00 +58.30 +2.52
HDFC Bank 1,873.05 +35.85 +1.95
Adani Ports 401.95 +6.90 +1.75
Top Losers
Company Price Change %Gain
Tech Mahindra 500.75 -13.50 -2.63
Cipla 576.45 -14.00 -2.37
Bosch 19,730.30 -149.90 -0.75
ONGC 183.00 -1.35 -0.73
Power Grid Corp 198.85 -1.25 -0.62
Company Price Change %Gain
Cipla 575.85 -14.95 -2.53
ONGC 182.85 -1.60 -0.87
Asian Paints 1,119.95 -5.10 -0.45
TCS 2,547.85 -10.70 -0.42
SBI 312.75 -1.30 -0.41

Live TV

File is:/article-scroll-new.php