Trump Organization properties losing $1M a day to pandemic

The president’s company depends heavily on tourism and large events

TRD NATIONAL /
Apr.April 02, 2020 02:15 PM
President Donald Trump with sons Eric and Donald Jr., and an aerial view of Trump Doral (Credit: Paul Morigi/WireImage, DANIEL SLIM/AFP via Getty Images)

President Donald Trump with sons Eric and Donald Jr., and an aerial view of Trump Doral (Credit: Paul Morigi/WireImage, DANIEL SLIM/AFP via Getty Images)

Trump Organization properties are missing out on more than $1 million in revenue each day as the coronavirus pandemic hammers the hospitality sector, the company’s primary source of income.

Several Trump-owned properties have been forced to close and around 500 employees have been laid off or furloughed, according to the Wall Street Journal. The company has shut properties in Las Vegas and Florida, including Mar-a-Lago and the Trump National Doral Miami.

Those that remain open are getting just a fraction of their usual business. One employee told the newspaper that one day last month, the 263-room Trump International Hotel in Washington, D.C., had just 11 guests.

The outbreak has put on hold negotiations to sell the long-term lease on the hotel, which opened just before Trump won the 2016 presidential election. The company was in talks with two potential buyers to sell the lease for as much as $350 million.

The Doral and Mar-a-Lago closed last week after Florida Gov. Ron DeSantis ordered hospitality properties shuttered to mitigate the spread of the coronavirus. This week he followed that with a 30-day stay-at-home order.

The Doral gets most of its business from golf tournaments and conventions and subsequent hotel business. It alone could be losing as much as $200,000 per day to the pandemic, according to the Journal.

National golf course trade groups, including some that Trump-owned properties are members of, have lobbied government officials to allow courses to stay open or provide economic relief while they are closed. But Trump properties were barred from receiving direct support from the $2 trillion stimulus package that the president signed last week. [WSJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
The number of mortgage borrowers in Covid-19 forbearance plans ticked down again this week. (iStock)

3M homeowners remain in forbearance

3M homeowners remain in forbearance
Mayor Bill de Blasio and the Lucerne Hotel at  201 West 79th Street (Getty; iStock; Google Maps)

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response
President Donald J. Trump and Democratic presidential candidate Joe Biden participate in the final Presidential debate (Getty)

At final presidential debate, talk of Opportunity Zones and “little tiny windows”

At final presidential debate, talk of Opportunity Zones and “little tiny windows”
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
(iStock)

Dead weight: A breakdown of NYC’s rental listing glut

Dead weight: A breakdown of NYC’s rental listing glut
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...