The Trump International Hotel in Washington, D.C. made a nearly $2 million profit between January and April, despite its original budgeting forecast estimating it would lose $2.1 million in the same period, reports the Wall Street Journal. This profit is also despite the fact that during the period the hotel had a 44.4% occupancy rate compared with a 69.5% occupancy rate for comparable hotels. In its financial records filed with the General Services Administration, the hotel shows its unexpected profits came from an increase in its daily average room rate price. It had originally projected its daily average room rate to be $416, but that rate ended up averaging $660.28 (the average for similar hotels is $495.91).
The hotel also saw a boost in profits from food and beverage revenue of $8.2 million during the same period, which accounted for 46% of the hotel’s revenue during the period. That food and beverage revenue was 37% more than expected. It’s likely the food and beverage revenue is due to a “Trump bump”–the hotel bar and restaurant are seen as the swanky “it” place where you should have your power lunches now.