Eric Trump is in driver’s seat as Trump Org reopens properties

President’s son now looking to expand to international luxury hotel market; family firm tallied $1M in losses to its properties at pandemic’s height

National /
Jun.June 29, 2020 01:15 PM
Eric Trump with Trump National Doral Miami (Getty, Trump Org)

Eric Trump with Trump National Doral Miami (Getty, Trump Org)

One of the Trump family’s most profitable pieces of real estate, Trump Doral golf resort in Miami, has reopened in Florida as Covid-19 infections spike across the state. In early April, the property had to furlough 500 employees, after it was forced to close.

President Trump’s son, Eric, who now leads the Trump Organization, is steering the company through the reopenings, according to the Wall Street Journal. That included reopening Trump National Doral Miami, located in a county that just cracked the top 10 for number of coronavirus infections nationwide, according to Johns Hopkins University.

Highly dependent on the leisure industry, properties belonging to the Trump Organization were losing $1 million a day at the height of the coronavirus pandemic.

The Trump Organization, which cannot tap public funds through the CARES Act, also asked Palm Beach County for rent relief on its Trump International Golf Club. It cited the “significant impact” to the club that the shutdowns had caused. The company also asked lenders for relief on a loan against its retail space at the base of Trump Plaza on New York’s Upper East Side.

But company executives say Eric Trump’s attentiveness to paying down debt — an approach to running the business that differs from his father, who once called himself “king of debt” — as well as the firm’s more stable revenue from office space, have allowed the Trump Organization to better weather the Covid storm, the Journal reported.

But the Trump Organization may also sell its stake in a pair of big-ticket office towers — and face a politically fraught tax bill — in 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco.

Plans to expand the company were put on hold after Donald Trump was elected president. The Journal reported that when Trump leaves office, his son will look to expand into the international luxury hotel market, preferring to operate hotels rather than own them. [WSJ] — Orion Jones


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
Developer Bill Hutchinson, seen here in court and alongside his mugshot (Getty, Highland Park Police Department)
Facing assault charges, developer sells Miami home, lists Cali properties
Facing assault charges, developer sells Miami home, lists Cali properties
Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
Trump Plaza New Rochelle dumps Trump Org as property manager
Trump Plaza New Rochelle dumps Trump Org as property manager
Donald Trump with Trump International Hotel in Washington DC (Getty, Trump Hotels)
Trump Org in “advanced talks” to sell DC Hotel lease
Trump Org in “advanced talks” to sell DC Hotel lease
Donald Trump and Trump Tower at 725 5th Avenue (Getty, Jorge Láscar/Wikimedia)
Trump PAC a key tenant at strained Trump Tower
Trump PAC a key tenant at strained Trump Tower
A rendering of Archer's proposed air taxis from REEF’s parking garages (Archer/Twitter)
REEF Technology and Archer Aviation to run air taxis from parking garages
REEF Technology and Archer Aviation to run air taxis from parking garages
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
arrow_forward_ios

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

Loading...