The Trump Organization says it will not continue its plan to introduce a pair of new hotel brands.
Named Scion and American Idea, the hotel concepts are being indefinitely back-burnered, according to the company.
The decision comes, the New York Times reported, “as the company faces growing scrutiny from federal prosecutors and congressional investigators, and as a former employee, Michael D. Cohen, heads to prison for multiple crimes. With Democrats now in control of the House of Representatives, any new hotel deals could have provided investigative fodder for critics of the president.”
“We live in a climate where everything will be used against us, whether by the fake news or by Democrats who are only interested in presidential harassment and wasting everyone’s time, barraging us with nonsense letters,” Eric Trump said in a statement. “We already have the greatest properties in the world and if we have to slow down our growth for the time being, we are happy to do it.” He added, “We already have the greatest properties in the world and if we have to slow down our growth for the time being, we are happy to do it.”
The decision is being viewed by many as indicative of President Trump’s willingness to scale back his business while in office. As he recently told the New York Times in an interview, “I lost massive amounts of money doing this job. This is one of the great losers of all time.”
“The Trumps had previously announced they had about 30 potential deals in the works, but to date, they had only announced one partner. On Thursday, the company announced that agreement had ended,” The Washington Examiner reported. “With the Trump name seen as polarizing, the president’s company faced local opposition to potential deals in Dallas and St. Louis. In other instances, potential partners feared increased scrutiny.
Since President Trump entered the White House, the Examiner continued, “his company was paid to remove his name from hotels in Toronto and New York. Drama also erupted at the Trump hotel in Panama last year over the removal of the Trump name. The presidency has not had a negative effect on all of the company’s business. A Trump-branded hotel in Vancouver and a golf course in Dubai, both of which were in the works before Trump was elected, have gone forward. Deals in India, Uruguay, and the Philippines are still ongoing.
The Windsor Star noted that the Trump Organization “is also struggling with some self-imposed restraints on expanding its business. When Trump became president, he handed day-to-day control of the company to Eric and his other adult son, Donald Jr. He also agreed his company would not pursue new deals abroad and that domestic deals would be vetted by a lawyer hired to make sure they posed no conflicts with Trump’s presidency.
“We walked away from billions of dollars’ worth of deals and ceased virtually all expansion,” said Eric Trump in his statement. “We continue to make tremendous sacrifices and understand the bigger picture more than anyone — our father has the most important and powerful job in the world.”
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