Donald Trump Plans To Build Expensive Homes At Miami Resort As Real Estate Empire Weakens

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Donald Trump has announced plans to expand one of his resorts in Florida, amid reports that his real estate empire is struggling.

The former president said he spent “millions of dollars” on the Blue Monster golf course at Trump National Doral in Miami.

As part of the expansion, Trump said he will also apply for 2,300 units of luxury housing, retail, and commercial space in the first phase of construction at Trump National Doral.

“It’s incredible what was created,” Trump said. “This is probably the most exciting development in the Country — and the Blue Monster course, along with Red, Gold, and Silver, is setting records!”

As Forbes previously reported, Trump’s golf resort in Miami was particularly affected by revenue losses during the COVID-19 pandemic.

According to the former president’s financial disclosure report, the resort brought in $ 44.2 million in revenue in 2020, a decrease of more than 40 percent compared to $ 77.2 million recorded in 2019.

It’s not just Trump’s golf resorts that have struggled in recent years. In November, it was reported that Trump’s flagship hotel in Washington, DC was set to sell for $ 375 million after bleeding money for years.

The lease for the Trump International Hotel, located near the White House, will be sold to investment firm CGI Merchant Group, and Trump’s name will be removed.

The move follows previous reports that the hotel lost more than $ 70 million while Trump was in office. According to audited financial statements seen by The Associated Press, the hotel also lost nearly $ 50 million between 2016 and 2019 and nearly $ 22 million in 2020.

Reuters previously reported that Trump’s time split as president could affect his earnings on some of his high-end assets.

Revenue for his Las Vegas hotel also fell from $ 22.9 million in 2017 to $ 9.2 million in 2020 and early 2021, according to Trump’s financial disclosures, with golf tournaments and charity events also reportedly canceled by organizations desperate to avoid contact with Trump.

“Before his political career, the Trump brand was all about luxury — the casinos, the golf resorts,” said Scott Smith, a former hotel executive and hospitality professor at the University of South Carolina. “When he entered politics, he took the Trump brand in a completely different direction.”

In a statement to Reuters, Trump spokeswoman Liz Harrington denied that the former president’s real estate empire was struggling.

“The real estate company is doing very well, and this is evident in Florida and elsewhere,” Harrington said. “Considering the coronavirus pandemic, in which the hotel industry has been particularly affected, Mr. Trump’s company is performing well.”

The Trump Organization was contacted for comment.

Donald J. Trump attended the opening of the Red Tiger Golf Course at Trump National Doral on January 12, 2015 in Doral, Florida. Trump has announced plans to expand the resort in Florida, including new luxury homes. Johnny Louis/FilmMagic/Getty Images

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