HOSPITALITY HOLDINGS
Hotel in Washington, D.C., and resort in Miami
Before coronavirus: $107 million After infection: $38 million
During a White House press conference in March, President Trump fielded a question about the effect of the coronavirus on his business: “I’m very underlevered and everything, so that’s good.” Not necessarily at Trump International Hotel in Washington, D.C., and Trump National Doral in Miami, however. Deutsche Bank handed Trump $170 million to remodel the D.C. hotel, and another $125 million for the Miami golf resort, which produced $9.7 million of 2018 profit (measured as earnings before interest, taxes, depreciation and amortization). “Sounds pretty highly levered,” says hospitality analyst Dan Wasiolek.