How retaining hotel ownership has cost Trump US$100M
On July 24, more than three years after Trump International Hotel Washington, D.C. opened, Forbes valued it at US$168 million, less than the US$170 million mortgage the Trumps used to fix up the place. The rest of the money they put into the renovation—at least US$30 million—currently looks like a total loss, Forbes writes. It’s a similar story at the U.S. president’s other key hotel asset, Trump National Doral in Miami. As Donald Trump has bragged about leveraging his business prowess, he has managed to lose an estimated US$100 million on just these two hotels.
Oyo gets flak from hospitality industry body
The Federation of Hotel and Restaurant Associations of India has come out in support of a Chandigarh, India-based hotelier who has lodged a complaint against Ritesh Agarwal, founder of Oyo Hotels & Homes. In the report, the hotelier, Vikas Gupta, stated that Oyo’s top management abruptly exited a business agreement with “criminal intent.” Close to 100 hoteliers have encountered similar conduct from Oyo as soon as the COVID-19 pandemic hit businesses, according to the Federation of Hotel and Restaurant Associations of India.
Reuben brothers invest in Turnberry: British billionaire brothers David and Simon Reuben acquired a 25% ownership of the JW Marriott Miami Turnberry Resort & Spa in Florida. The private equity and investment firm is partnering with Jeffrey Soffer’s Fontainebleau Development on other investments as well, according to a press release. The 685-room hotel recently underwent a US$300 million renovation.
Condor ends merger agreement with NHT: Norfolk, Nebraska-based REIT Condor Hospitality Trust terminated its merger agreement with NHT Operating Partnership, LLC, the operating partnership of NexPoint Hospitality Trust, and some affiliates. Condor said it ended the agreement due to failure of NHT’s operating partnership to consummate the acquisition of the company and for material breaches of the merger agreement by NHT’s operating partnership and its affiliates. As part of the agreement, Condor had agreed to a termination fee of nearly US$12 million.