Rates at President Trump’s hotels have plummeted in the first year of his term as president, according to The Telegraph.
The average room rate at 12 out of 13 Trump properties dropped by as much as 63 percent from January 2017 to January 2018. The Telegraph’s report used data from FairFX, an international currency provider.
The biggest drop was for the Trump Las Vegas, where rates went from around $844 for a two-night stay to around $314, a 63 percent decrease.
The average rate at Trump’s Washington hotel, where rates in January 2017 were the highest out of any Trump property at nearly $1,650, dropped by more than half, to around $792.
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The only property to see an increase was the Trump Doonbeg, the president’s golf resort in Ireland, where rates rose by 7 percent.
“While big events, like the inauguration in Washington, will usually cause prices to rise in that city for a particular weekend, the decreases in other places suggest that it doesn’t necessarily pay to be president,” Ian Strafford-Taylor, FairFX CEO told The Telegraph.
FairFX noted that other factors, like a general decrease in tourism to the U.S., could also have resulted in the rate drop.
Though Trump no longer manages his company, the properties have been a source of contention.
Several professional sports teams and other organizations have chosen to stop staying at Trump hotels, while others have moved to the properties, like private prison group GEO Group, who moved its annual conference to the Trump National Doral Golf Club.