Trump pulls out of troubled Rio hotel
Rio de Janeiro – 15 December 2016
The Trump Organization has pulled out of a hotel venture in Rio de Janeiro that is part of a criminal investigation in Brazil, with a Trump Hotels spokeswoman citing construction delays and differences in vision.
The Trump Hotel Rio de Janeiro, a beachfront property with 170 rooms near where the Olympic Park was located, was managed by the real estate company of president-elect Donald Trump,
although no money from the Trump Organization was invested in the project, Reuters reported.
“Unfortunately, the developers of the Rio de Janeiro hotel are significantly behind on the completion of the property, and their vision for the hotel no longer aligns with the Trump Hotels brand,” said Jennifer Rodstrom, a spokesperson for Trump Hotels.
Reuters reported in November that federal prosecutor Anselmo Lopes had opened a criminal investigation into investments made by two small state pension funds in the hotel.
Trump Hotels declined to comment on whether the decision to pull out of the Rio hotel had anything to do with the investigation.