While membership fees at the Mar-a-Lago resort have doubled, Trump SoHo in Lower Manhattan began planning layoffs shortly after its ground floor restaurant Koi announced its imminent closure last month.
“That sounds to me like a financially troubled hotel,” Jan de Roos, a professor at the Cornell Hotel School, told WNYC when asked about the sharp decrease in corporate events booked at the venue — a steady trend over the course of the past year.
In its report, WNYC found that while "the hotel indeed remains well-liked," its prices have dropped significantly.
"Today, you can find rooms for under $400 a night, several hundred dollars less than other five-star Manhattan hotels — less even than some four-star hotels," Ilya Marritz and Andrea Bernstein reported.
A Trump organization spokesperson cited "seasonality and macro-economic forces” when asked about Trump SoHo’s business and declined to provide further details.
“I have to believe that a lot of organizations would not want to have meetings at a Trump Hotel just to not have to deal with it,” de Roos added.