Trump’s Presidency Is Hurting His Hotel Business
Donald Trump the president seems to be damaging the reputation of Donald Trump the business owner.
The Trump National Doral Miami, which was once the biggest moneymaker in his business empire has seen net operating income drop 69% in the past two years, reports The Washington Post. A tax consultant hired by the hotel says that drop is due to “some negative connotation that is associated with the brand.”
The 643-room Doral resort reportedly missed internal revenue goals by a large margin in 2017, taking in $75 million instead of the expected $85 million. Other milestones, such as revenue per available room and average daily rate were underperforming comparable golf resorts in the Miami-Dade County area.
The Trump Organization is private and does not publicly report financial numbers. The Post obtained the information from an open records request to tax officials in cities where the company owns properties.
Trump Hotels in Chicago and New York have also seen revenues drop.
For years, the Doral hosted a major golf tournament. But the year after Trump launched his presidential campaign, the title sponsor pulled out and the tournament moved to Mexico.
Trump has experienced other issues with his business since assuming office. Several buildings that once paid to license the Trump name and put it on their towers have removed it. Locations include two in Manhattan, Toronto, and Panama. And earlier this year, the Trump Organization shelved plans to expand its hotel business into more Republican-friendly states.