Trump Organization Sees $1 Million Daily Losses Due To Coronavirus: Report - Newsweek

Like countless other companies in the hotel industry, it seems the Trump Organization's hotels and resorts have also been hard-hit by the coronavirus outbreak.

According to The Wall Street Journal, the pandemic has reportedly been costing Trump organization properties more than $1 million in lost revenue per day.

Citing a hotel employee, the paper reported that on one day in March, the Trump organization's flagship Trump International Hotel in Washington had just 11 guests staying at a facility with 263 rooms.

With President Donald Trump having claimed that more than half of the $440 million income he listed in his last financial disclosure had come from his golf resort properties, it is likely that the president will take a major hit himself.

However, the losses have also had a serious impact on the hundreds of workers across the Trump organization's properties, with the Journal asserting that more than 500 staff had been laid off or furloughed at properties across New York, Washington, Las Vegas and Florida alone.

In a statement provided to the Journal, Eric Trump, the president's son and executive vice president of the Trump Organization said: "Like virtually every other hospitality company, we are anxiously awaiting the day when our world-class properties can fully reopen their doors."

"We have an unbelievably strong company and we continue to pray for the health and safety of all Americans," he added.

Newsweek has contacted the Trump organization for more information on the staff that have been laid off and furloughed.

With many around the world following stay-at-home orders and with the U.S. closing its borders to China, Iran and many European countries, including Britain and Ireland, in addition to restricting non-essential travel at its borders with Canada and Mexico, hotels and resorts across the country have taken a major hit due to the COVID-19 outbreak.

Citing an Oxford Economics study, the American Hotel & Lodging Association had previously warned last month that a 30 percent decline in hotel guest occupancy alone could result in the loss of nearly 4 million jobs, "with $180 billion of wages and a $300 billion hit to the GDP–crippling the hotel industry, the local communities they serve and the U.S. economy."

"This unprecedented public health crisis has quickly become a catastrophic economic crisis as well," said Roger Dow, President and CEO, U.S. Travel Association in a statement shared by the AHLA on March 17. "The losses for the travel industry alone are projected to double the unemployment rate over the next two months and plunge the country into recession," Dow said.

The main entrance of the Trump hotel in downtown Washington is deserted on March 25, 2020 amid the coronavirus outbreak. ERIC BARADAT/AFP/Getty

Last week, Chip Rogers, AHLA president and CEO, said "COVID-19 has been especially devastating for the hotel industry. Every day, more hotels are closing, and more employees are out of a job."

"The harsh reality is that travel restrictions and mandated business closures remain in place. The outlook for the foreseeable future is zero revenue for most hotels. If a hotelier cannot make debt payments the business will go under and the jobs are lost,' Rogers said.

For the Trump Organization, the current crisis also means that potentially losing out on the sale of the president's Washington hotel, which had been expected to sell for more than $320 million.

The president had previously been optimistic that the U.S. would be able to re-open its economy by Easter this month. However, after the Trump administration was warned that more than two million Americans could die if social distancing guidelines were rolled back, Trump extended the country's current measures.

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Trump Organization Sees $1 Million Daily Losses Due To Coronavirus: Report - Newsweek
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