Trump’s Prized Doral Resort Failing To Meet Financial Expectations
President Donald Trump’s Doral resort in Florida is considered by his company to be its highest-earning hotel — but public records documents and statements from a tax consultant paint a gloomier picture about its supposed successes in recent years.
The hotel is still operating with a profit, according to a report from the Washington Post on Wednesday, but Doral has failed to meet financial expectations. In 2017, for example, it missed a revenue projection target of $85 million, earning $10 million less than that amount for the year.
The resort’s continued profitability is a positive sign, but it’s due largely to cutting expenses rather than building on a successful Trump brand. In fact, one tax consultant for the resort even admitted to a Miami-Dade official that there is “some negative connotation that is associated with the [Trump] brand” that impacted Doral’s performance over the past two years.
That consultant had spoken to the county official in a bid to get the property’s taxes lowered, the Post reported.
Eric Trump, the son of the president who manages business operations at the Trump Organization, derided the report as “completely senseless.”
“Our iconic properties are the best in the world and our portfolio is unrivaled by anyone,” Trump said.
In a separate document, the Trump Organization detailed a slew of factors that may have contributed to the decline in Doral’s performance over the past two years, including fears over the Zika virus and hurricanes that have hit the area. Yet other resorts near Doral have not reported the same types of financial losses.
The Trump brand isn’t just hitting Doral hard — earlier this week, as reporting from HillReporter.com detailed, it was revealed that the Trump Tower in New York City is also facing difficulties, as properties within the building are selling for less than what tenants originally purchased them for.
The property in New York is undesirable, according to some. “No one wants in that building,” a former tenant who sold his condo in Trump Tower at a loss said.