From the April edition of Memphis magazine:
When Donald Trump Took Down Holiday Inns
by Tom Jones
Almost 30 years before Donald Trump became a force in the 2016 Presidential campaign, 2,500 Memphians lost their jobs because of him.
For them, this was no reality television program. There was only reality itself, as Donald Trump’s stock machinations forced the sale of Holiday Inns in 1988, and Memphis’ once-shining example of American ingenuity became a British company whose U.S. regional office was in Atlanta.
While Holiday Inns is regularly cited as proof of how Memphis innovators like Kemmons Wilson changed American culture, Trump’s role in its demise is largely forgotten. The stock frenzy that he triggered when he bought about 5 percent of Holiday Inn’s stock in 1986 paid off big-time for the Donald. He made $32 million, almost the amount of the annual payroll — $40 million — that evaporated from the Memphis economy as a result.
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Honestly, Holiday Inn died about 30 years ago and is just another example of the rapid decline of Memphis since then. This city continues to falter in every possible way. So little is happening here today and companies are fleeing as fast as possible. The only thing going up in Memphis is the crime and unemployment rate. All Memphians ever seem to do is look backward to recall things like Holiday Inn and ever much emphasis on the future. As a result Memphis continues to decline.
There used to be Hokiday Inns all over town. Midtown, Med Center area, downtown, south and east. Today there are so few hotels period especially in midtown. The ones downtown are terrible. Crime and blight drove everything away as far as possible. No wonder we have such a dismal tourist industry and Cook Convention Center is pathetic. Downtown is dismal and now we have both 100 N Main and Sterrick buildings empty and crumbling. Don’t blame it on Trump, blame it on decades of neglect and corruption by city officials. I agree that Memphis is in deep decline and see no real future for growth here. Sad but true.
Here we go again. One person commenting and agreeing with himself.
As usual, no bother to get the facts. The tourism industry is booming and the numbers are independently determined, and downtown hotel occupancy is the highest in town.
thank you, frank. was about to say the exact same thing.
Frank- spot on! Same person (troll). Very un-creative in their pattern of comments.
I really don’t think Trump was the villain in the demise of Holiday Inns. The times had changed and HI just didn’t keep pace. Management was fat and lazy and cashed out. I do remember their locations all over town, especially the Rivermont. Sad situation in Memphis today.
On the flip side it’s great seeing how the Wilson family is investing in so many projects in Memphis today. Crosstown being a great example. Nothing sad about that.
Sorry LJ, I’ll take the info in a Pulitzer piece over the opinion of a comment re: Trump & HI every time.
Good to see the old Sears Crosstown refurbished. Wish the same thing would happen at two of Memphis worst examples of urban blight, namely 100 North Main and Sterrick building. It does not look good for the tallest buildings in the city to be empty, abandoned and crumbling.
I agree Rhodes. Fortunately the new owners of 100 North are working towards the much anticipated and reported redevelopment. There has apparently been a lot of activity over the last month around the Sterrick- rumor is it involves 2 separate interested parties. Any interest is good interest. It seems that as these buildings become controlled by proactive owners like the Chisca, Toof and Hickman, that succesful redevelopment follows soon after.