Struggling Hotel Owners, Some With Trump Ties, Seek Federal Bailout

[Nevilledog]

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https://news.yahoo.com/struggling-hotel-owners-trump-ties-191337716.html

Thomas J. Barrack Jr., the billionaire investor and major donor to President Donald Trump, has run into an unexpected patch of red ink thanks to the pandemic: He has struggled to keep up with payments on $1.97 billion in Wall Street debt he used to buy a collection of more than 160 hotels.

Monty Bennett, another big donor to Trump, is in a similar tough spot after he recently halted payments owed on the $2.6 billion worth of Wall Street debt used to acquire his own hotel collection.

“Imminent monetary default” is the term a Wall Street research firm used this summer to describe more than $300 million in debt on a luxury hotel in Austin, Texas, controlled by Doug Manchester, whom Trump nominated to serve as ambassador to the Bahamas after Manchester and his wife donated more than $3 million to Trump’s political causes.

The precarious financial position that some friends of Trump and other hotel executives are now in has fueled an intense lobbying campaign aimed at persuading the Trump administration, the Federal Reserve and Congress to rescue hundreds of hotel industry players that relied on riskier Wall Street debt to finance their lodging empires before the virus hit.

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[backtoblue]

1. Gordon Sondland?

🤔🤔🤔