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Donald Trump’s flagship hotel resort in Scotland, the Trump Turnberry, has posted pre-tax losses of £2.31m for the year ended 31 December 2019.
However, the financial results, which were filed for parent company Golf Recreation Scotland, highlighted that its turnover grew 6.4% to £19.7m.
The 192-bedroom Ayrshire resort also saw staffing increased by 13% to 541 employees as it continued renovations to both its villas and spa and wellness offerings.
Trump’s son, Eric, spoke, via the Guardian, of the “unprecedented challenges” the resort and industry as a whole face as a result of Covid-19, with the difficulties also “compounded by uncertainty [sic] of Brexit”.
He said: “The severity of the impact on the golf, leisure and hospitality industry is unprecedented and was not foreseen at the start of the pandemic.”
The year saw the US president begin to pay off the £115m in outstanding loans, with his Scottish businesses also reducing their debts to him by nearly £1.6m.
Donald Trump bought the property in 2014, which then underwent a £200m refurbishment and reopening in 2016 that was reported by the New York Times to have been financed by an additional loan from Deutsche Bank, despite his sons and lawyers ensuring that no external financing was raised.
