President Donald Trump’s Washington, D.C. hotel had a lower occupancy rate than the industry average in the first four months of 2017, but it more than made up for that by charging significantly higher rates than projected after Trump won the presidency, the Washington Post and Wall Street Journal reported.
The Journal on Friday based its report on hotel records that were briefly posted online Thursday by the General Services Administration — the government agency that, despite Trump’s control of it as President, serves as the Trump hotel’s landlord — with financial data included. The financial information was later redacted, the Journal reported.
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. The industry average is $495.91 for comparable hotels, the Journal noted.
The hotel projected a $2.1 million loss during that four-month period. It ended up posting a profit of $1.97 million, according to the Post, which also viewed the financial records and reported on them Thursday.
The Post noted that Trump has spent time at his private businesses’ properties on 65 of his 202 days in office thus far, nearly one-third.
The Trump International Hotel also outperformed its expected food and beverage revenue by 37 percent, according to the Journal. It had an occupancy rate of 44.4 percent, versus an average 69.5 percent occupancy rate for comparable hotels.
The paper noted the hotel underperformed its own expectations in September and October of last year, before Trump was elected, according to data presented by several Democratic representatives who received it from the GSA.
The increase in room rates following Trump’s election recalls a similar scenario at Trump’s Mar-a-Lago club in Florida. CNBC reported in January that the club had doubled its initiation fee, from $100,000 to $200,000, at the start of the new year.