Donald Trump’s troubles are just beginning. The Southern District of New York (SDNY) just gained access to his financial records including tax returns. Several states have been investigating his potential criminal involvement in a number of different directions. But this problem may just be the one that takes him down.
It seems he is $400,000,000 in debt and his entertainment-driven business has been floundering badly. At this point, we do not have information on who owns those debts and how willing they will be to accommodate a man who is no longer president.
The COVID-19 pandemic has. hit the hotel industry hard. People simply have not been traveling, going out to eat, or staying away from home.
Trump’s facade of elegance is much like the scenery on a stage or television set, nice until one gets up close. World leaders and business moguls wanting the president’s ear flocked to the hotel. The draw the DC hotel once held left, when Trump flew off to Mar-a-Lago in Florida.
When two men walked into the lobby of Trump’s International Hotel in Washington DC, one of the men queried the cavernous, empty area, according to CNN. His voice echoed:
‘Where is everyone?’
Former executive chef at the hotel’s steak restaurant, Shawn Matijevich spoke about the restaurant:
‘I mean, we were very busy. With so many every day, you know it almost got overwhelming at times — how many VIP’s and members of our government that you know are making headlines are all together in the same place.’
A hotel staffer said:
‘Since the coronavirus we weren’t doing so bad until I’d say probably a month ago. It really, like, slowed down.’
‘It’s normal during this time of year to have this kind of slow down, but because of everything going on, it kind of really had — a different time.’
A woman in the lobby came up to CNN and said:
‘God bless Donald Trump. I mean, what else can you do? We come here and we support him.’
The ex-president’s middle son Eric Trump runs the every-day operations of the real estate organization. He released a statement that read:
‘Our location is unrivaled and we are incredibly proud to have the best hotel in our nation’s capital.’
Typically, Trump raised his rates as events occurred. He anticipates a large QAnon gathering on March 4, according to The Forbes magazine:
‘The conspiracy theorists contend that the real inauguration will happen on March 4.
‘At the Trump International Hotel in Washington DC, the least expensive room option is the deluxe king, ranging in size from 350 to 475 square feet. At this time of year, it normally runs anywhere from $476 to $596 per night.’
‘Interestingly, on March 3 and 4, the same room is selling for $1,331 per night. That’s 180% above the base rate and more than double what you’d pay any other night in February or March, according to the hotel’s website.’
Senior Vice President of Lodging Insights at STR, Jan Freitag, said that the occupancy rate at high-end hotels in downtown Washington, DC was 73 percent in 2019. Now that number is basically transposed with an 80 percent vacancy:
‘So basically, one-in-four rooms was empty. Today, four-in-five rooms are empty.’
The coronavirus preventions have seriously damaged the industry. In Washington, the restaurants and bars cannot exceed 25 percent capacity or 250 individuals, whichever number is smaller. In December, all indoor dining was halted.
‘Trump’s final financial disclosure as President showed sales at the Washington hotel plummeted by 63% last year compared with 2019, when the Trump Organization was considering selling it. And those figures are not unique to Trump’s hotel. Data from the hospitality analytics company STR shows that business for luxury hotels in Washington has spiraled across the board.’
The Mueller Report Adventures: In Bite-Sizes on this Facebook page. These quick, two-minute reads interpret the report in normal English for busy people. Mueller Bite-Sizes uncovers what is essentially a compelling spy mystery. Interestingly enough, Mueller Bite-Sizes can be read in any order.