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Trump-branded properties 'underperforming' | Trump-branded properties 'underperforming' |
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US President Donald Trump's Miami golf resort and Manhattan skyscraper, jewels in the crown of his property empire, are in decline, say US media. | US President Donald Trump's Miami golf resort and Manhattan skyscraper, jewels in the crown of his property empire, are in decline, say US media. |
The Trump National Doral Miami has reported a steep drop in profit since 2015, according to the Washington Post. | |
Since 2015 net operating income fell by 69%, the paper reported, citing Trump Organization documents. | |
And owners of units at Trump Tower in New York have been selling at heavy losses, Bloomberg reports. | And owners of units at Trump Tower in New York have been selling at heavy losses, Bloomberg reports. |
The 643-room Doral resort - which is Mr Trump's highest-earning hotel - is "severely underperforming" other resorts in south Florida, a Trump Organization tax consultant told a Miami-Dade County official last year, according to the Post. | The 643-room Doral resort - which is Mr Trump's highest-earning hotel - is "severely underperforming" other resorts in south Florida, a Trump Organization tax consultant told a Miami-Dade County official last year, according to the Post. |
"There is some negative connotation that is associated with the brand," said the consultant while seeking to lower the property's tax rate. | "There is some negative connotation that is associated with the brand," said the consultant while seeking to lower the property's tax rate. |
Kimberly Benza, a Trump Organization representative, told BBC News: "The article is absolute garbage. | |
"2018 is one of the best years in the history of the property." | |
President Trump bragged in 2016 of claiming depreciation on his commercial real estate as an old property developers' tactic to lower his taxes. | |
Bloomberg News reports that apartment owners in Trump Tower, Manhattan, were selling for "brutal" losses. | |
Some flats at the skyscraper - where Mr Trump ran his 2016 presidential campaign and filmed TV show The Apprentice - have been sold at losses as high as 20%. | Some flats at the skyscraper - where Mr Trump ran his 2016 presidential campaign and filmed TV show The Apprentice - have been sold at losses as high as 20%. |
In Manhattan, only 0.23% of homes over the last two years have sold at a loss, according to data provider PropertyShark. | In Manhattan, only 0.23% of homes over the last two years have sold at a loss, according to data provider PropertyShark. |
The tower's occupancy rate is double the average vacancy of most Manhattan properties, according to Bloomberg. | The tower's occupancy rate is double the average vacancy of most Manhattan properties, according to Bloomberg. |
By contrast, the Trump Organization this year reported a 26% increase in profit from foreign governments. | By contrast, the Trump Organization this year reported a 26% increase in profit from foreign governments. |
The company said it planned to donate that money to the US Department of Treasury. | The company said it planned to donate that money to the US Department of Treasury. |
The Trump International Hotel in Washington seems to be prospering as diplomats and lobbyists reportedly splurge there. | |
During the hotel's first full year of operation in 2017, revenues topped $40m (£31m). | During the hotel's first full year of operation in 2017, revenues topped $40m (£31m). |