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Trump’s Chicago hotel is losing profits

While most Chicago hotels are doing steady business, Trump International Hotel & Tower Chicago is struggling to make money on the hotel part of its business.

  • According to documents filed with Cook County and obtained by The Washington Post, profits have fallen 89%, from $16.7 in 2015 to just $1.8 million in 20018.
  • Meanwhile, attorneys for the hotel are trying to have the taxes lowered on the property.
  • In a presentation obtained by the Post, the hotel is also cutting costs by keeping empty jobs open and cutting back on amenities and supplies.
  • This includes cutting back on gifts for VIPs and kids as well as buying lower priced housekeeping supplies.
  • The figures do not include the condominium portion of the tower or the commercial space in the building.
  • The building has struggled to fill most of its open commercial space even after removing the Trump name from marketing materials. Some of the space was also converted into conference rooms for the hotel.
  • Meanwhile, condo prices in the building did see a spike in 2018, but local real estate agents say it’s still tough to sell these properties.

Also of note, the Trump Organization has made two other moves that are interesting:

  • The company announced it may seek to sell its lease on the Washington, D.C. Old Post Office Pavilion hotel property.
  • Trump’s company had spent $200 million to renovate it.
  • Meanwhile, the Trump Organization also redecorated two ice skating rinks in New York City to reduce and remove references to the Trump name.
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