Grand Hyatt public subsidy package
What happened
promisedocumented Trump described his business record as evidence that he could turn projects from vision into completion.
- The American Presidency Project: Remarks at Trump SoHo in New York City2016-06-22 · Opening paragraphs describing Trump's business record
actiondocumented Trump and Hyatt opened the redeveloped hotel under an agreement that included a long tax abatement and public financing support.
- Good Jobs First: Subsidy Tracker: Grand Hyatt HotelMegadeal record, subsidy form, and notes
- The Trump Organization: The Grand Hyatt HotelCorporate account of the abatement, public financing, and project opening
- United Press International: Grand Hyatt opening report1980-09-26 · Opening and financing description
outcomedocumented The operating venture and its owners received the benefit of the negotiated public assistance.
- Good Jobs First: Subsidy Tracker: Grand Hyatt HotelMegadeal record, subsidy form, and notes
- The Trump Organization: The Grand Hyatt HotelCorporate account of the abatement, public financing, and project opening
limitationreported Contemporaneous reporting also credited the development with restoring a deteriorated hotel property and producing a completed project.
- United Press International: Grand Hyatt opening report1980-09-26 · Opening and financing description
People and organizations
- Grand Hyatt operating venturebeneficiary
- New York City taxpayerspayer
Assessment
The project was completed, but substantial public assistance was an explicit part of the deal, which qualifies any self-financed success narrative.