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Just business: profit of the hotel trump in Washington at 192% exceeded expectations

Просто бизнес: прибыль отеля Трампа в Вашингтоне на 192% превысила ожидания

Просто бизнес: прибыль отеля Трампа в Вашингтоне на 192% превысила ожидания

The atrium of the Trump International Hotel in Washington Photo by Kevin Lamarque / Reuters

Rooms at Trump International Hotel shall be at a price of $653 per night. The cost of accommodation in other luxury hotels in the city an average of $495 per day

Profit five-star Trump International Hotel in downtown Washington, which is owned by the current President of the US billionaire Donald trump (No. 201 in the ranking of the richest Americans Forbes, fortune of $3.2 billion) of Trump Organization, for the first four months of 2017 amounted to $1.97 million and was on 192% higher than forecast. This was announced on August 10, the Washington Post, citing official statements.

Trump Organization expect that for the first four months of the year the hotel will incur a loss of $2.1 million, as it opened in the fall of 2016. But the hotel unexpectedly showed a profit of $1.97 million, the magazine writes, citing data from the Federal reporting. The hotel revenues during the reporting period exceeded $18 million.

Hotel Trump International Hotel located on the main street — Pennsylvania Avenue connecting the White house and the Capitol. The hotel was opened two months before the US presidential election in September 2016. January 20, 2017 — inauguration day of US President Donald trump — the hotel became a popular place for meetings of representatives of the Republican party, members of the administration of the American President, representatives of conservative circles.

The occupancy of rooms at the Trump International hotel was 42.3%, which is below the average in the industry at 70%. But this is compensated by the rooms. In 2017 the night in the hotel cost guests an average of $652,98, which is 57% higher than what was expected in the Trump Organization. The price of the room greatly exceeds the cost of accommodation in other luxury hotels such as the Hay-Adams, Four Seasons, or the Willard, where it is on average $495 per day.

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In addition, visitors to the Trump International Hotel spent a total of about $8.2 million on food and beverages, which is 37.2% higher than forecast. But the profit from retail, Parking and Spa, Spa by Ivanka Trump appeared below, all of which did not meet the company’s expectations.

“We are very proud of the success of the project”, — told the publication in an email to the US President’s son Eric trump, who, along with brother Donald, Jr. is President of Trump Organization today.

In January 2017, Donald trump became the first billionaire head of the White house in U.S. history. The day before the inauguration, he announced his retirement from all his posts in more than 400 private companies. Trump has transferred management of the family business to his sons — Donald Jr. and Eric. The daughter of the head of the White house Ivanka trump vacated the position of Vice-President of the Trump Organization and became an assistant to the President of the United States.

In March 2017, Forbes estimated the state of the President of the United States trump in $3.5 billion, which is $200 million less than before the election. On average, the participants of the Forbes list for the year increased their wealth by 16%, and the President trump has lost about 22% of their wealth, “to be poor” by $1 billion and dropping to 220 positions in the world ranking Forbes.

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Financial losses of a billionaire due to the fact that the Trump Organization is a company in the trade of commercial real estate in Manhattan and its net profit was affected by fluctuations in the commercial property market.

In the spring of 2017 real estate prices in Manhattan began to rise. Also went to the mountain hotel business in the United States, All this has positively impacted on the value of the assets of trump — their price has increased to $97 million In particular, the residence Mar-a-Lago in Florida increased in price by $25 million since the election of President trump, partly because of media attention to the estate.

According to the newspaper the Washington Post, from their 202 days as President trump has spent 65 days in real estate, which is his property. At present, in particular, he conducts 17-day vacation in a private Golf club in Bedminster (new Jersey).

Twice in recent months, trump had dinner at the Trump International Hotel. Critics of the President argue that he did it to advertise the hotel. And the management of Trump International Hotel and does not hide that it seeks to use the President’s popularity in their business.

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