Trump's new DC hotel turning a profit

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While the hotel had projected its average daily room rate would be $416, it ended up charging $660.28 on average from January to April, the Journal reported, citing the financial records. Nightly rates at competing luxury hotels like the Hay-Adams and the Four Seasons hover around a measly $495.

The $4.1 million swing from projected losses to profitability represents a 192 percent improvement from what the Trump family planned to make when the company opened the hotel in the fall.

The General Services Administration on Friday pulled down a trove of unredacted documents from its website that revealed President Trump's Washington hotel made $1.97 million in profits so far in 2017.

However, the occupancy rate for the Trump hotel is low for the area. It posted an occupancy rate of 42.3 percent, compared with almost 70 percent in the industry.

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While Trump and his daughter/advisor Ivanka Trump have (supposedly) stepped away from day-to-day operations at the Trump Organization, turning leadership over to large adult sons Donald Jr. and Eric (both of whom are regulars on Fox News, hmm), both the president and Ivanka retain stakes in the new D.C. hotel, ensuring they can, indeed, eventually reap the financial benefits. Before Donald Trump won the presidential election a year ago, the Trump Organization estimated the hotel would lose money in 2017 as it invested in growing its start-up hotel and convention business.

In November, a Chinese diplomat told the Washington Post: "Why wouldn't I stay at his hotel blocks from the White House, so I can tell the new president, 'I love your new hotel!' Isn't it rude to come to his city and say, 'I am staying at your competitor?' " While only a few months ago, Saudi lobbyists spent around $270,000 in accommodation and catering fees for USA veterans who the firm retained as part of a campaign to influence politicians.

The Trump Organization also doubled its membership initiation fees at its Mar-a-Lago golf course in Florida earlier this year - prompting critics to charge that the president is cashing in on his office.

Government ethics experts and Democrats in Congress have railed against the government's lease, with Rep. Peter A. DeFazio (D-Ore.) calling it a "highly unethical arrangement".

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