November 7, 2019

THE BRAND STANDS FOR RACISM:

TRUMP TOWER CHICAGO HOTEL IS LOSING MONEY HAND OVER FIST (BESS LEVIN, NOVEMBER 6, 2019, Vanity Fair)

Then there's the issue of of his properties becoming synonymous with corruption, racism, misogyny, insanity and some possible light tax fraud. In May, we learned that tenants in New York's Trump Tower were selling their condos at a loss just to escape the taint by association, and a new report from the Washington Post shows the president's Chicago hotel is suffering a similar fate, thanks to the stench du Trump:

Profits fell 89% from 2015 to 2018, from $16.7 million to $1.8 million, according to documents filed with Cook County, Ill. Trump's hotel struggled even as other Chicago hotels held steady or thrived. "Performance of [the Trump hotel] is clearly disassociated from that of its competitive set," the company's lawyers said in a letter to the county seeking to lower the hotel's taxes. The lawyers said the problem was a reaction to Trump's politics. They even quoted a line from a 2018 Washington Post article, in which one small-time investor described the effect of Trump's candidacy on his buildings thusly: "Then the Embarrassment came."

At the Chicago hotel, former employees said they saw the decline up close. It began in 2015, when Trump's rise as a hard-right politician began to alienate the rich, urban customers to whom the hotel catered. Then came election night. "A [supervisor] walked by me real fast and said: 'Oh, my God, he just won Michigan. It's over,'‚ÄČ" said Connor Buhagiar, a waiter who worked in the hotel's Michelin-starred restaurant, Sixteen. Inside the bar, Trump supporters were cheering. Outside, however, "I looked out the window and looked back down Michigan Avenue, and I saw a line of protesters coming, already," to picket the hotel, Buhagiar said.

In addition to the Chicago property, business at Trump Doral in Miami is also reportedly in "steep decline," which a tax consultant hired by the Trump Organization attributed to the "negative connotation...associated with the brand." The company has also lost contracts with hotels in Manhattan and Toronto. And in a sign that even people inside the family business know the name is dragging down profits, virtually every mention of "Trump" has been stripped from two Central Park ice rinks.

Posted by at November 7, 2019 12:00 AM

  

« EVERY STEP CLOSER TO KNOWING: | Main | DECRIMINALIZING BECOMING BRITISH: »