Donald Trump Plans To Build Luxury Homes At Miami Resort As Real Estate Empire Falters

Donald Trump has announced plans to expand one of his Florida resorts, amid reports that his real estate empire has been struggling.

The former president claimed he has spent "millions of dollars" on the Blue Monster golf course at Trump National Doral in Miami.

As part of the expansion, Trump said he will also be applying for 2,300 units of luxury housing, retail, and commercial space in the first phase of construction at the Trump National Doral.

"Incredible what has been created," Trump said. "This is perhaps the most exciting development in the Country—and the Blue Monster course, coupled with the Red, Gold, and Silver, are setting records!"

As previously reported by Forbes, Trump's golf resort in Miami had been particularly affected by loss of revenue during the COVID-19 pandemic.

According to the former president's financial disclosure report, the resort brought in $44.2 million of revenue in 2020, a decrease of more than 40 percent compared to the $77.2 million recorded in 2019.

It is not just Trump's golf resorts that have been struggling during the past few years. In November, it was reported that Trump's flagship hotel in Washington, D.C. is set to be sold off for $375 million after haemorrhaging money for years.

The lease for the Trump International Hotel, located a short distance from the White House, is to be sold off to investment firm CGI Merchant Group, and have the Trump name removed.

The move follows previous reports the hotel lost more than $70 million while Trump was in office. According to audited financial statements seen by The Associated Press, the hotel also lost nearly $50 million between 2016 and 2019 and nearly $22 million in 2020.

Reuters previously reported that Trump's divisive time as president may be affecting his revenue at some of his high-end properties.

Revenue for his hotel in Las Vegas also fell from $22.9 million in 2017 to $9.2 million during 2020 and early 2021, according to Trump's financial disclosures, with golf tournaments and charity events also reportedly being canceled by organizations desperate to avoid associations with Trump.

"Prior to his political career, the Trump brand was about luxury—the casinos, the golf resorts," said Scott Smith, a former hotel executive and hospitality professor at the University of South Carolina. "When he entered into politics, he took the Trump brand in an entirely different direction."

In a statement to Reuters, Trump's spokeswoman Liz Harrington denied that the former president's real estate empire is struggling.

"The real estate company is doing extremely well, and this is evident in Florida and elsewhere," Harrington said. "Considering the coronavirus pandemic, in which the hotel industry was hit particularly hard, Mr. Trump's company is doing phenomenally well."

The Trump Organization has been contacted for comment.

Trump National Doral
Donald J. Trump attends opening of Red Tiger Golf Course at Trump National Doral on January 12, 2015 in Doral, Florida. Trump has announced plans to expand the Florida resort, including new luxury homes. Johnny Louis/FilmMagic/Getty Images