Trump’s Hotels Are Losing Money As Room Rates Plummet
Trump's Chicago hotel CREDIT: GETTY
There is further evidence that Donald Trump’s occupation of the Oval Office has had a negative impact on his business empire, with new research showing that average room rates have fallen by as much as 63 per cent at all but one of his 13 hotels.
“One year after Trump’s inauguration, prices for a weekend in one of his hotels have for the most part decreased,” said Ian Strafford-Taylor, FairFX CEO. “While big events, like the inauguration in Washington, will usually cause prices to rise in that city for a particular weekend, the decreases in other places suggest that it doesn’t necessarily pay to be president.”
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In October 2016, the location-based app Foursquare, which lets its users “check in” at locations they visit, reported a fall in foot traffic to Trump-branded hotels, casinos and golf courses, of 14 per cent. The biggest dip was seen at Trump SoHo, Trump International Hotel & Tower Chicago and Trump Taj Mahal, the $1bn Atlantic City hotel that has subsequently closed its doors.
Such has been the decline in visitors at Trump SoHo that one of its restaurants, Koi, was forced to close last April.