Trump Tower Chicago is bleeding money; others Trump properties in the US and around the world are in “steep decline”
So America’s most notorious businessman was also the President. Surely that title only helped all his business ventures, right?
He and Vice President Pence also used his tanking golf resorts as hosts to international heads-of-state.
Don’t forget about his hotel in D.C., which became a good way for foreign governments, corporate executives, and other allies of his to funnel money to him.
Despite all that, Trump’s businesses aren’t thriving. In fact, they’re doing the opposite.
Moreover, his properties have a reputation for corruption, racism, misogyny, and tax fraud. Reports disclosed that tenants of Trump Tower in New York were selling their condos and taking a loss just to get away from any connection with Trump. Trump’s Chicago hotel isn’t having much luck either.
According to Cook County, Ill. documents, profits have dipped 89% since Trump took office in 2017. While other nearby hotels remained steady or thrived, Trump’s Chicago hotel was tanking.
The company’s lawyers addressed the county in a letter hoping to lower the hotel’s taxes and said, “Performance of [the Trump hotel] is clearly disassociated from that of its competitive set” and said that the problems were a direct reaction to Trump politics.
They quoted a 2018 Washington Post article which featured a former Trump investor describing the effect of Trump’s political career on his buildings in one statement: “Then the Embarrassment came.”
Former employees at the Chicago hotel say they have seen the hotel’s downward spiral. In 2015, Trump’s newfound political position as a right leaning politician began to divide him and his more urban clients of the hotel.
Then after the election, Connor Buhagiar, a waiter who worked in the hotel’s restaurant, Sixteeen, says, “A [supervisor] walked by me real fast and said: ‘Oh, my God, he just won Michigan. It’s over.’” He said that after witnessing Trump supporters cheering at the bar, “I looked out the window and looked back down Michigan Avenue, and I saw a line of protesters coming, already,” to boycott the hotel.
The Chicago hotel isn’t the only one in trouble. The Trump Doral in Miami is also said to be in “steep decline.” A tax consultant for the Trump Organization said it was due to the “negative connotation… associated with the brand.”
Trump’s company is also seeing a loss with hotels in Manhattan and Toronto. It should be noted that the name “Trump” which used to be a symbol of luxury, has now been stripped from the two Central Park ice rinks to avoid dragging down any more business.
The Trump Organization has declined to comment on the downturn of the brand’s business, but has commented on the Chicago hotel and attribute it’s troubles to “the perceived threat of gun violence” even though no other hotels have seen a decline like that.