The former president has announced an application for 2,300 units of luxury housing, retail, and commercial space to be built at Trump National Doral.
The lease for the Trump International Hotel, located a short distance from the White House, is to be sold off to investment firm CGI Merchant Group, and have the Trump name removed.while Trump was in office. According to audited financial statements seen by The Associated Press, the hotel also lost nearly $50 million between 2016 and 2019 and nearly $22 million in 2020.
Reuters previously reported that Trump's divisive time as president may be affecting his revenue at some of his high-end properties. Revenue for his hotel in Las Vegas also fell from $22.9 million in 2017 to $9.2 million during 2020 and early 2021, according to Trump's financial disclosures, with golf tournaments and charity events also reportedly being canceled by organizations desperate to avoid associations with Trump.
"Prior to his political career, the Trump brand was about luxury—the casinos, the golf resorts," said Scott Smith, a former hotel executive and hospitality professor at the University of South Carolina."When he entered into politics, he took theIn a statement to Reuters, Trump's spokeswoman Liz Harrington denied that the former president's real estate empire is struggling.
"The real estate company is doing extremely well, and this is evident in Florida and elsewhere," Harrington said."Considering the coronavirus pandemic, in which the hotel industry was hit particularly hard, Mr. Trump's company is doing phenomenally well."Donald J. Trump attends opening of Red Tiger Golf Course at Trump National Doral on January 12, 2015 in Doral, Florida. Trump has announced plans to expand the Florida resort, including new luxury homes.
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