With $2M In Profits, Trump International Hotel Is Blowing Away Projections
The Trump International Hotel in the Old Post Office Building has created more controversy than most D.C. hotels, but that has not stopped it from turning major profits.
The Pennsylvania Avenue hotel made $1.97M in profit during the first four months of 2017, a period when it had expected to lose more than $2M, the Washington Post reports.
Guests at the hotel paid an average of $652.98 per night, while other luxury hotels such as the Hay-Adams, Four Seasons and Willard charged a nightly average of $495. The figure has boosted the hotel's gains despite reporting only a 42.3% occupancy rate, well below both industry and Washington averages.
The hefty profits come amid criticism over President Donald Trump collecting foreign payments from the hotel. The attorneys general of Maryland and D.C. have filed suit over such payments, which they say violate the constitution.