Another business loss for Trump.
Michael Cohen stated that Trump's campaign was a marketing and public relations operation to build his brand. But it turns out that his businesses have been in decline since he became president. This article in Rolling Stone details how Trump's toxicity has severely hurt his golf and hotel businesses:
https://www.rollingstone.com/politics/politics-news/trump-businesses-failing-835677/
This is from the end of the article and it sums up the status of Trump's business declines:
It’s not just golf resorts. The (Washington) Post notes that, according to internal documents, revenue fell at three Trump hotels in New York and Chicago after their namesake entered the presidential race. As with Trump Doral in Miami, the blame can’t be placed on the market, as competitive Chicago hotels did not experience the same decline as the one belonging to Trump. The Trump Organization, however, blamed “gun violence” as the reason the hotel, which is located downtown on the Chicago River, is suffering.
The Post‘s report comes a day after Bloomberg revealed that Trump’s 36-year-old flagship property, Trump Tower, is also in trouble. Those selling condos in the monolithic Midtown building are doing so at losses of up to 20 percent. Again, this isn’t a market issue, as Bloomberg points out that just 0.23 percent (57 out of 24,871) of homes sold in Manhattan in the past two years have been sold at a loss. “The luxury market is softening,” Matthew Hughes, a Manhattan-based broker at Brown Harris Stevens, told Bloomberg. “But it’s rare that someone owns an apartment here for 10 years and takes a loss.”
Trump Tower also features office space that has remained vacant despite being priced under market value, as well as an occupancy rate that has dipped from 99 percent to 83 percent over the past seven years, according to Bloomberg. Though the building still turns a profit, this is due in part to Trump’s campaign renting out space. Regardless, its income is 26 percent lower than what banks projected when they were sizing up Trump for a $100 million loan in 2012.
As the Post notes, there are some Trump Organization properties that are faring well. For the most part, they’re the ones that don’t bear the president’s name.
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