The Trump Organisation plans to build its first Romanian project after acquiring the first permission for a luxury property development in Kolozsvár (Cluj-Napoca, Transylvania, Romania).
New Trump tower in Kolozsvár
According to 444.hu, which referred to Bloomberg, Eric Trump, Donald Trump’s eldest son, is due to travel to Romania in the next few months to start work in Kolozsvár. The project involves a golf course, a 30-storey Trump hotel, and premium properties, and may cost more than USD 500 million, according to local press.
In Bucharest, another Trump Tower could be built, and the Trump Organisation plans to start that project this year as well. The company refused to comment on Bloomberg’s information.
Additional Trump-projects in the region
Meanwhile, Affinity Partners, the investment company of Jared Kushner, Trump’s son-in-law, plans a luxury property development in Albania. Another Affinity project was planned for Belgrade, but due to local resistance, they abandoned the plans for a new luxury hotel and apartment complex in the Serbian capital.
The mayoral office of Kolozsvár issued the first permissions for the Trump Tower project. The construction permission will be submitted in a later phase. Neither the chief architect nor the mayor commented to Bloomberg on the issue.
The New York Times wrote last week that there were investment and judicial concerns, but Ștefan Berciu said they were working on a project not involved in any judicial disputes. “Everything is going according to plan,” the manager of the local partner of the Trump Organisation said on the phone.
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This could be a significant turning point for Kolozsvár. Let’s hope it brings positive changes and growth to the region!
Trump Properties That Have Filed For Bankruptcy (Good Luck Romania!):
Trump Taj Mahal (1991): Filed for bankruptcy shortly after opening in 1990.
Trump Plaza & Trump Castle (1992): Both Atlantic City properties filed for Chapter 11.
Plaza Hotel (1992): The New York hotel filed for bankruptcy after accumulating over $550 million in debt.
Trump Hotels & Casino Resorts (2004): Filed for bankruptcy after accumulating roughly $1.8 billion in debt.
Trump Entertainment Resorts (2009): Filed for bankruptcy following the 2008 financial crisis.
Trump Entertainment Resorts (2014): Filed bankruptcy again regarding the Taj Mahal.
Trump Tower Toronto: The former Trump International Hotel & Tower in Toronto, located at 325 Bay Street, was rebranded as The St. Regis Toronto in 2017 after financial distress, lawsuits, and poor sales. The 65-story tower was bought out of bankruptcy by JCF Capital and later acquired by InnVest Hotels. It no longer holds any affiliation with the Trump Organization
Trump Tower Vancouver (2020): The company operating the hotel in Vancouver filed for bankruptcy after closing
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