DrLove
Diamond Member
As we know, Donnie has several hundred million coming due with Deutsche Bank in the next couple years. He'll likely default and he personally signed on those loans. Nobody else wants to loan him money either, and that will make him even more toxic. So about the only way he continues to make money is grifting off his the MAGA-hatters, most of whom can't afford to stay at his properties. Eventually the sheep will be fully fleeced. Couldn't have happened to a nicer guy.
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Trump’s business brand was once synonymous with wealth and success, an image that now clashes sharply with a political brand rooted in the anger of his largely rural and working-class voter base. His presidency is now associated in the minds of many with its violent end, as supporters stormed the U.S. Capitol on Jan. 6.
Prospective tenants in New York are shunning his buildings, one real-estate broker said, to avoid being associated with Trump. Organizers of golf tournaments have pulled events from his courses.
Financial records show Trump’s real-estate business has declined. Income from the family’s holdings, heavy on golf courses and hotels, took a beating during 2020 amid the coronavirus pandemic. Revenues at his Las Vegas hotel, for instance, fell from $22.9 million in 2017 to $9.2 million during 2020 and the first 20 days of 2021, according to Trump’s financial disclosures.
The damage to Trump’s business image started early in his presidency. One consultant for Trump, arguing in a 2017 public hearing for a lower tax bill at his Doral golf resort, said Trump’s politics had damaged his business model.
In Trump’s home base of New York, the Trump name has become increasingly toxic. One high-profile property, the Trump SoHo hotel in lower Manhattan, was rebranded the Dominick in 2017. New York City in January canceled his leases on a golf course, two Central Park skating rinks and a carousel.
After the Jan. 6 U.S. Capitol riots, some of Trump’s large tenants, including the Girl Scouts and a nonprofit called TB Alliance, said they were exploring whether they could get out of their leases. One commercial real-estate broker says many prospective tenants won’t consider the building because Trump’s name is on it.
“Most New York tenants want nothing to do with it, and that’s been the case for five years now,” said Ruth Colp-Haber, who said she has placed seven clients in the building over the years, but can’t interest anyone now. “It’s the biggest bargain going, but they won’t look at it.”
The Doral resort and Washington hotel, along with a hotel in Chicago, are secured by about $340 million in loans from Deutsche Bank AG(DBKGn.DE), Trump’s biggest lender. But the bank has no appetite for more business with Trump and has no plans to extend the loans after they come due in 2023 and 2024, a senior Deutsche Bank source told Reuters.
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Insight: Trump's real-estate empire pays the price for poisonous politics
Former U.S. president Donald Trump’s slashing rhetorical style and divisive politics allowed him to essentially take over the Republican Party. His supporters are so devoted that most believe his false claim that he lost the 2020 election because of voter fraud.
www.reuters.com