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

SourceThe New York Times
SectorEconomy
CountryOman

Hotel owners, who spent years loading up on a cheap type of debt, are now faced with the potential for default as the pandemic saps revenues.Thomas Barrack, who was the chairman of President Trump’s inauguration gala and has donated at least $721,000 to Mr. Trump or his political causes in the last year, has been unable to keep up with nearly $2 billion in Wall Street debt.Credit...Albin Lohr-Jones/Sipa USA, via Associated PressBy Eric Lipton and Jeanna SmialekThomas J. Barrack Jr., the billionaire investor and major donor to President 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 ...read more...