Trump’s prized Doral resort is in steep decline, according to company documents, showing his business problems are mounting
By David A. Fahrenthold and
Jonathan O'Connell May 15 at 6:00 AM
Late last year, in a Miami conference room, a consultant for President Trump’s company said business at his prized 643-room Doral resort was in sharp decline.
At Doral, which Trump has listed in federal disclosures as his biggest moneymaker hotel, room rates, banquets, golf and overall revenue were all down since 2015.
In two years, the resort’s net operating income — a key figure, representing the amount left over after expenses are paid — had fallen by 69 percent.
Even in a vigorous economy, the property was missing the Trump Organization’s internal business targets; for instance, the club expected to take in $85 million in revenue in 2017 but took in just $75 million.
“They are severely underperforming” other resorts in the area, tax consultant Jessica Vachiratevanurak told a Miami-Dade County official in a bid to lower the property’s tax bill. The reason, she said: “There is some negative connotation that is associated with the brand.”
Trump has entwined his office with his private company, drawing scrutiny from congressional Democrats interested in whether his company is benefiting from that relationship. At the same time, revenue has declined at some properties dependent on blue-state customers and politics-shy national brands.
The troubles at Trump Doral — detailed here for the first time, based on documents and video obtained under Florida’s public-records law — suggest the Trump Organization’s problems are bigger than previously known. This is also the first known case in which a Trump Organization representative has publicly acknowledged the president’s name has hurt business.
The decline at Doral is especially significant because the resort had seemed better insulated from political backlash than other Trump properties, protected by its place in golf’s history, by its recent renovations, and by its location in a booming state that Trump won in 2016.
It wasn’t.
more:
http://www.washingtonpost.com/politics/trumps-prized-doral-resort-is-in-steep-decline-according-to-company-documents-showing-his-business-problems-are-mounting/2019/05/14/03cc701a-6b54-11e9-be3a-33217240a539_story.html?utm_term=.9c6b5e138d35&wpisrc=nl_most&wpmm=1
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