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Jonathan O'Connell Profile picture
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13 Jan, 4 tweets, 2 min read
Trump just lost another big business partner:

Real estate giant Cushman & Wakefield, which handles Trump's office leasing at Trump Tower, 40 Wall Street and elsewhere, is canceling a years-long relationship with Trump Org. 1/
@CushWake statement: "Cushman & Wakefield has made the decision to no longer do business with The Trump Organization."

Trump Org will quickly need to find someone to take over leasing discussions, which may difficult at the moment.
We are updating this powerhouse story with @Fahrenthold and @jdawsey1

washingtonpost.com/politics/trump…
also buried in this story is a great @timcarman nugget: Trump's chef at his D.C. hotel, David Burke, quietly left in October when his contract was not renewed. Likely cost cutting. So "BLT Prime by David Burke" no longer features David Burke.

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More from @OConnellPostbiz

Jonathan O'Connell Profile picture
31 Mar 20
New: The stagnant commercial real estate industry has forced Trump's company to pause plans to sell the Trump D.C. hotel. w/@Fahrenthold

Trump Org and other landlords are also trying to figure out how to handle tenants that suddenly have no business.

washingtonpost.com/business/2020/…
Senate Dems added a provision to the bailout barring Trump Org from accessing ~$450B in capital employers in need of aid. But since the company owns commercial real estate it will see tax advantages, as @JesseDrucker reported
There are ethical and legal nightmares ahead for partners of Trump Org if commercial real estate, hotels and golf don't get turned around soon. And maybe it's already too late for some of it.
Read 6 tweets
Jonathan O'Connell Profile picture
28 Jan 20
Coming at you live from House subcommittee hearing on the federal lease for Trump’s DC hotel. GSA has refused to hand over key documents to House Dems and would have to oversee Trumps sale of the lease. Let’s see if there’s any movement today.
Rep Titus starts off by say GSA chief Emily Murphy is in a "difficult position" given that Trump is her boss and also the majority owner. If Trump tries to sell the hotel lease, Murphy and her team will be charged with reviewing and either approving or disapproving any deal.
Rep Greg Pence wondering why the focus of the hearing is the president's hotel when there are other important issues to consider. His campaign has spent thousands of dollars at the hotel raising campaign funds.
Read 14 tweets
Jonathan O'Connell Profile picture
15 Nov 19
Since nothing else is going on in Washington today I'm going to tweet some bits of information that prospective buyers of Trump's D.C. hotel have received.
First, it wasn't clear when Trump Org first announced that it might sell its lease whether Trump was really willing to take his name off the building (even though doing so would have driven the price down dramatically).
But Trump Org's broker is making clear: you can take the name off and you will make a lot more money than the Trumps did as owners in doing so. The booklet is filled with projections about how much $ they think a new owner could make.
Read 10 tweets
Jonathan O'Connell Profile picture
17 Oct 19
A few thing to remember about Doral: this is not not like a lot of Trump properties, where he is just the manager or the brand. He owns Doral and he borrowed heavily to acquire it.
A number of other banks wouldn't issue that loan but, as @davidenrich has reported, Deutsche Bank took a circuitous route to approving $125 million toward it. Trump still carries that loan.
@davidenrich Since Trump became president, Doral has been sliding financially, as @Fahrenthold and I have reported. Revenue and profits are down in nearly every category. washingtonpost.com/politics/trump…
Read 6 tweets

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