The $14,000-a-night suite features working fireplaces in every room as well as a wood-paneled private office and views of Moscow's famed Red Square.
The report, published by BuzzFeed Tuesday, has been declared “reckless," even by many journalists.
It claims Trump set out to “defile" the suite because President Obama and the first family had once stayed there and the real estate mogul "hated" the Obamas.
It supposedly happened in 2013, the year Trump hosted the Miss Universe pageant in the Russian capital.
“It's a fantastic place, an amazing country." Trump told Inside Edition at the time. "I have so many friends in Russia and I’m very excited to be here.”
Inside Edition was with Trump behind the scenes at a convention center on the outskirts of the city where the pageant was held. It was 12 miles from the Ritz Carlton.
The Miss Universe contestants and supporting staff stayed at another hotel — The Crowne Plaza, which is five miles away from the convention center.
At his dramatic press conference on Wednesday, the president-elect says he warned his entire staff with him in Moscow to behave — even in their hotel rooms.
"I was in Russia years ago at the Miss Universe contest. I warned everyone be careful what you do. In those rooms you have cameras in the craziest places — you can't see them and you don't know," he said.
"You better be careful or you'll be watching yourself on the nightly news.”
He outright dismissed the idea that he would take part in the sordid acts described in the report.
“I'm also very much of a germaphobe, by the way. It wouldn't have happened,” he said.