![]() Doral lost 100,000 booked room nights following the election, according to someone familiar with the resort. “At the time there was a lot of talk about comments that Trump had made,” says Jeff Dugas, one of the people in the room. In May 2016, a top executive at Doral explained to a room of golf course appraisers, who happened to be at the property for an industry gathering, that the campaign was damaging the resort’s business, according to three people who were there. ![]() Profits (as measured by earnings before interest, taxes, depreciation and amortization) fell 10%, to $12.4 million. From 2015 to 2016, as Trump morphed from a fame-seeking businessman from New York to the president-elect of the United States, revenues at Doral dropped 5%, to $87.5 million, according to documents the Trump Organization filed with Miami-Dade County officials. The property was definitely impacted by that, and you’ll see in the financials that there is a significant drop in revenue from last year to this year, and it reflects that.” I’m not going to support this brand.’ So there have been severe ramifications of the comments that were made throughout the campaigning process and since. “It was a property that was being regularly frequented by, you know, NBA stars and NFL stars, and now they’re quoted in this article as saying, ‘I’m not going there. “His name is actually being removed from the Trump SoHo hotel,” added the representative. ![]() The Trump brand, once an asset, had become a liability-and not just at Doral. “There have been a multitude of charities who throw annual events at the property, and they have canceled, because, they say, ‘We can’t, in good conscience, be associated with this name,” explained the Trump Organization representative in the tax hearing. “Losing that event killed Doral,” says Joel Paige, a resort operator who had managed Doral under previous owners.įallout from Trump’s campaign extended beyond the PGA move. The property was traditionally packed during the tournament, producing a rush of revenue for the real estate mogul. “We just jump over the wall.” But Trump wasn’t laughing. “Quite ironic that we’re going to Mexico after being at Doral,” Rory McIlory, one of the biggest stars in the game, reportedly said. In the golf world, the move became something of a joke. “Donald Trump is a brand, a big brand, and when you’re asking a company to invest millions of dollars in branding a tournament and they’re going to share that brand with the host, it’s a difficult conversation,” PGA Tour commissioner Tim Finchem explained, according to ESPN. Andrew Lichtenstein/Getty ImagesĪmong the ramifications referenced: The Professional Golfers’ Association had announced in 2016 that it was moving the World Golf Championships tournament from Doral to Mexico, of all places, after struggling to secure sponsors. And they mentioned that throughout 2016, because of the political climate, there have been severe ramifications of the things that were said during campaigning, the comments that were made.”ĭuring the president's first year in office, the former Trump SoHo hotel in New York City changed its name to The Dominick. “I met with the director of finance, as well as the director of development for all of the Trump Organization. “At the property?” asked the magistrate, seeming intrigued. “Before I dive into the package, I do want to just note I met with representatives at the property,” she said. Alongside her sat two representatives from the Miami-Dade County Appraiser’s Office, which had assessed the president’s golf resort at a value that the Trump Organization claimed was too high. To put it simply: As President Trump has bragged about leveraging his business acumen to financially steward the country, he has managed to lose an estimated $100 million on just two hotels that look like cash cows, but in reality, seem to be money pits.ĪBOUT A YEAR after Donald Trump won his first election, in December 2017, his local tax specialist, Jessica Vachiratevanurak, walked into a drab government building in Miami and took a place at an L-shaped table.
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