Trump hotels' top room rates down 25% in past year, report shows
[NEW YORK] Room rates at hotels bearing Donald Trump's name have dropped sharply during his first year in the White House.
The average rate of the most expensive rooms in Trump hotels has decreased 25 per cent since last January, according to a study of 11 Trump-branded properties conducted by FairFX Group, a UK-based provider of currency services for travelers. Rates for lower-end rooms took an even bigger hit, falling 35 per cent, the study showed.
While a direct comparison with similar hotels for the same time period is difficult to make, the average daily hotel rate in the US increased 2.3 per cent in November from a year earlier, according to the latest data available from lodging-information provider STR. That figure includes the luxury segment, in which Trump Hotels operates.
A spokeswoman for Trump Hotels didn't have an immediate comment on the report.
The company's Washington hotel beat expectations in the first four months of last year, charging higher rates than it had projected, according to the Washington Post, citing federal government documents.
Business has declined at Trump-branded hotels in liberal enclaves such as New York, where the owners of a hotel in Manhattan's SoHo neighbourhood stripped the president's name from the property. Owners have also moved to rebrand Trump hotels in Toronto and Panama City.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co