Presidents routinely file financial disclosures when they leave office, and forms recently submitted by former President Donald Trump show that 47 of his hotels, resorts, and other properties lost more than $120 million in revenue in 2020, The Washington Post reports.
The pandemic has hit the travel and hospitality industries hard, and two of Trump’s most famous hotels struggled last year; the Trump International Hotel in Washington, D.C., which has a $170 million loan outstanding, saw its revenue drop more than 60 percent, while the Doral in Miami saw its revenue decline 44 percent. Trump’s private Mar-a-Lago club in Palm Beach fared better — its revenue went up 13 percent.
An analysis by the Post found that combined, revenue at the 47 companies listed in Trump’s financial disclosures dropped more than 35 percent in 2020. Banking consultant Bery Ely told the Post Trump “faces some very serious problems that have been building in recent years and I think are going to come to a head now that he’s left office.” Trump, he added, has done “enormous reputational damage to himself.”
While Trump does still own his company, the Post notes it’s unclear if he intends on going back to running day-to-day operations. The Trump Organization’s website still lists his eldest sons, Donald Trump Jr. and Eric Trump, as the company’s leaders. Read more at The Washington Post.