White House chief of staff Mick Mulvaney announces that the G7 will be held at Trump National Doral, Thursday, Oct. 17, 2019, in Washington. (AP Photo/Evan Vucci)

WASHINGTON - U.S. President Donald Trump will host next year's Group of Seven economic summit of developed world leaders at one of his own properties, the Trump National Doral golf resort near Miami, a White House official said on Thursday.

White House acting chief of staff Mick Mulvaney said Trump would not profit from use of the property and defended the decision, which comes as the president faces ongoing criticism and congressional investigations over his finances and potential conflicts-of-interest.

Mulvaney told reporters the summit would take place at Doral on June 10-12, 2020, and that the administration selected Trump's resort after initially looking at about 12 potential locations in various other U.S. states.

"Doral was by far and away the best physical facility for this meeting," he said at a news briefing. "It's almost like they built this facility to host this event."

Mulvaney said the event would be "at cost" and that using the Trump site would save millions of dollars and was cheaper than the other potential sites.

Trump has repeatedly attacked Joe Biden, a leading Democratic presidential candidate and former vice-president, over his son's business ties in Ukraine and China, which Trump has repeatedly called corrupt, without evidence.

Asked how the president's use of his private business properties to host official government events differed from Trump's allegations against the Bidens, Mulvaney told reporters there would be no profit and said the family had made their money before Trump became president in January 2017.

Trump has said he is not involved with the day-to-day operations of his private company and that his sons run the business. 

Reuters