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Monday, November 20, 2017 7:23:05 PM
Trump’s Hotels Are Losing Money As Room Rates Plummet
Room rates across President Donald Trump’s global hotel empire have nosedived by as much as 63 percent since he moved into the White House while the billionaire continues to deal with allegations of conflicts of interest since taking office.Twelve of Trump’s 13 titular hotels experienced a decline in room rates when comparing prices from January 2017 to January 2018, according to Telegraph which cited travel currency service FairFX. http://www.telegraph.co.uk/travel/news/trump-hotels-room-rates-fall/?WT.mc_id=tmg_share_tw
Prior to his inauguration, a night at Trump Las Vegas cost $422, but now goes for $157, the biggest fall for one of the president’s properties.
Trump Turnberry, a United Kingdom property that includes a signature golf course, experienced the next-highest drop of 57 percent, followed by Trump Doral in Florida at 53 percent and Trump's controversial Washington D.C. hotel at 52 percent.Trump Doonbeg in Ireland was the only hotel with an increase, at seven percent. All others slipped between 10 percent and 63 percent.
“One year after Trump’s inauguration, prices for a weekend in one of his hotels have for the most part decreased,” FairFX CEO Ian Stafford-Taylor told the Telegraph. “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.”
The decline stems from simple supply and demand, according to the report; when bookings slipped, prices tumbled.
A view of Trump International Hotel Las Vegas
It's not all bad news for the Trump Organization. Financial disclosure reports showed the Mar-a-Lago estate and golf course in Palm Beach increased revenue by $8 million as Trump has scheduled campaign and government meetings at the resort.
The private club also doubled its initiation fee for new members after Trump was elected president.
Room rates across President Donald Trump’s global hotel empire have nosedived by as much as 63 percent since he moved into the White House while the billionaire continues to deal with allegations of conflicts of interest since taking office.Twelve of Trump’s 13 titular hotels experienced a decline in room rates when comparing prices from January 2017 to January 2018, according to Telegraph which cited travel currency service FairFX. http://www.telegraph.co.uk/travel/news/trump-hotels-room-rates-fall/?WT.mc_id=tmg_share_tw
Prior to his inauguration, a night at Trump Las Vegas cost $422, but now goes for $157, the biggest fall for one of the president’s properties.
Trump Turnberry, a United Kingdom property that includes a signature golf course, experienced the next-highest drop of 57 percent, followed by Trump Doral in Florida at 53 percent and Trump's controversial Washington D.C. hotel at 52 percent.Trump Doonbeg in Ireland was the only hotel with an increase, at seven percent. All others slipped between 10 percent and 63 percent.
“One year after Trump’s inauguration, prices for a weekend in one of his hotels have for the most part decreased,” FairFX CEO Ian Stafford-Taylor told the Telegraph. “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.”
The decline stems from simple supply and demand, according to the report; when bookings slipped, prices tumbled.
A view of Trump International Hotel Las Vegas
It's not all bad news for the Trump Organization. Financial disclosure reports showed the Mar-a-Lago estate and golf course in Palm Beach increased revenue by $8 million as Trump has scheduled campaign and government meetings at the resort.
The private club also doubled its initiation fee for new members after Trump was elected president.
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