Trump's Business Brand Is 'Irreparably Stained' Following Capitol Riots

The New York real estate developer made his properties the backdrop for many of the most memorable moments of his political career. He descended Trump Tower’s escalator to announce his candidacy, defended White supremacists as “very fine people” in the lobby of the same building and held a crowded fundraiser at his Bedminster, New Jersey, golf club just before he was diagnosed with Covid-19.

Trump’s divisive politics have inevitably impacted his family’s real estate, hotel and golf empire, much of which is located in New York and other Democratic-leaning states. In a move that reportedly “gutted” the president, his Bedminster club was stripped of the 2022 PGA Championship in the wake of the Capitol riot, with the golf body saying that holding the prestigious event at the Trump course would be “detrimental” to its brand.

The PGA stuck with him longer than most. Palm Beach charity balls and social events fled Mar-a-Lago en masse after his Charlottesville remarks, and several hotels and condo buildings have exited Trump management contracts in recent years, removing the president’s name from their exteriors and awnings in the process. Trump properties have also inevitably been hit hard by the coronavirus pandemic, along with the rest of the real estate, tourism and leisure sectors. In New York, office vacancies are rising, retail is decimated and residential rents are falling.

It all couldn’t come at a worse time for Trump, whose company carries $1 billion of debt, much of which he's personally liable for. Though his assets would cover that, recriminations from the Capitol riot will make refinancing a challenge. Deutsche Bank, which holds much of his debt and was the last large bank willing to do business with him, has now declared it will no longer do so, and smaller Signature Bank, on whose board Trump’s daughter Ivanka once sat, twisted the knife by declaring the president persona non grata and closing his accounts. Even selling his assets to raise cash will be harder, as brokerage giants like Cushman & Wakefield and JLL have cut ties with him.

Alan Garten, general counsel for the Trump Organization, didn't respond to requests for comment about the state of the business and its prospects.

One potential silver lining for Trump is that being president has made him even more famous overseas than before, and he may find more business opportunities in markets like Brazil, Turkey, the Philippines and India, where he retains some popularity and whose authoritarian leaders he courted while in office. His administration also developed close ties in the United Arab Emirates, where he’s previously done business, and Saudi Arabia, where his company considered projects prior to his ascent to the presidency.

Hussain Sajwani, chairman of Dubai’s DAMAC Properties, which has partnered with Trump on two golf courses in the emirate, said he’d welcome the chance to expand his firm’s relationship with Trump. “We have a great relationship with the Trump Organization and, be assured, we have absolutely no intention to cancel our agreement,” he said.

With a love for the limelight, Trump is expected to pursue media opportunities of some kind, whether a book deal, a lucrative role at a news channel or his own media venture.

Rumors of Trump discussing an “Apprentice” revival with show creator Mark Burnett have cropped up periodically during his time in office. In November 2019, Trump took to Twitter to deny a Daily Beast report that such talks had taken place, though he allowed that it would be “a big show.” It would be unsurprising if Trump did seek to revive the show — according to the New York Times investigative report that revealed his tax information in September 2020, “The Apprentice” ultimately made him $427 million, a windfall that turned his business fortunes around.

With Trump now anathema to a large part of his former audience, a return to network TV is highly unlikely, though former campaign adviser Sam Nunberg says the idea shouldn’t be ruled out.

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