Tags: Coronavirus | trumporganization | hotels | golfcourses | pandemic

Crisis Hits Trump Organization: Layoffs, Millions in Lost Revenue

Trump Hotel in Washington D.C.
The deserted Trump Hotel in Washington D.C. (ERIC BARADAT/Getty Images)

By    |   Friday, 03 April 2020 04:45 PM

The Trump Organization has laid off or furloughed more than 500 people at several properties amid the near-halt on travel due to the coronavirus pandemic.

The Wall Street Journal also reported that properties owned by President Donald Trump's company are losing more than $1 million in revenue every day.

Several Trump hotels and golf courses have temporarily closed amid the COVID-19 crisis that has spread to nearly every corner of the United States. At the Trump International Hotel in Washington, D.C., only 11 guests were staying at the property one day in March. The hotel has 263 rooms.

The pandemic has forced almost every state to issue stay-at-home orders and has stopped nearly all business and leisure travel. For the Trump Organization, it is causing two additional headaches in the form of slowing down talks to sell its lease in the Washington hotel, according to the Journal, and as The New York Times reported, asking Deutsche Bank AG to delay loan payments.

The Times also reported that the Trump Organization is in talks with Palm Beach County, Florida, about monthly payments it makes for a golf course property there.

Eric Trump told the Times, "These days everybody is working together. Tenants are working with landlords, landlords are working with banks. The whole world is working together as we fight through this pandemic."

Eric Trump also spoke with the Journal about the company's hotel and golf course closures.

"Like virtually every other hospitality company, we are anxiously awaiting the day when our world-class properties can fully reopen their doors," he said. "We have an unbelievably strong company and we continue to pray for the health and safety of all Americans."

The coronavirus aid package that was signed into law one week ago includes money for private businesses that need financial assistance during the crisis, but the Trump Organization was excluded.

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The Trump Organization has laid off or furloughed more than 500 people at several properties amid the near-halt on travel due to the coronavirus pandemic...
trumporganization, hotels, golfcourses, pandemic
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2020-45-03
Friday, 03 April 2020 04:45 PM
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